SMALL AND MEDIUM SCALE BUSINESS ENTERPRISES (SMES) SURVIVAL IN A DEPRESSED ECONOMY. (A CASE STUDY OF FURNITURE INDUSTRIES IN SOME SELECTED AREAS IN JOS NORTH LGA, PLATEAU STATE, NIGERIA)
Abstract
The survival of small and medium-scale enterprises (SMEs) is critical to the economic growth of developing nations like Nigeria. This study evaluates the survival strategies employed by SMEs in the Nigerian economy, focusing on furniture industries in some selected areas in Jos North Local Government Area, Plateau State. The research examines the challenges these businesses face, including competition, poor infrastructure, and limited access to finance, and how they respond with resource management, innovation, and market diversification strategies. Using the Resource-Based View (RBV) and survival strategy theory as frameworks, the study explores the effectiveness of these strategies in ensuring the long-term sustainability of the enterprises. Data was collected through surveys with business owners, and the findings provide insights into the resilience mechanisms of SMEs in a volatile economic environment. The study concludes with recommendations for policy interventions to enhance the survival and growth of furniture SMEs in Jos North LGA, contributing to broader economic development in Nigeria.
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