Economic business environment and survival of manufacturing firms in Nigeria
Ele Augustine, Etuk Idorenyin Udo
This research paper principally focused on the correlation between economic business environment and survival of manufacturing firms in Nigeria. The study adopted qualitative or theoretical-based approach. Based on the reviewed of related literatures, the study revealed that high unemployment rate, high interest rate, high exchange rate as well as high inflation rate have a negative and significant relationships with the survival of manufacturing firms in Nigeria. The government should at all times evaluate and assess the level of unemployment rates in the country, and encouraging manufacturing firms to create more jobs for the teaming population of graduates by offering grants and practical and achievable loan facilities through central bank of Nigeria (CBN) and bank of industry (BOI) to manufacturing firms in the country. The government should also help to reduce and monitor the rapid acceleration of interest rates of commercial banks through the appropriate financial authorities in order to sustain and maintain the survival of manufacturing firms and scan the external economic environment to determine the strength/ weaknesses in the country.
Ele Augustine, Etuk Idorenyin Udo. Economic business environment and survival of manufacturing firms in Nigeria. International Journal of Multidisciplinary Research and Development, Volume 9, Issue 11, 2022, Pages 16-24