Imparative of Financial Proficiency on Performance of Small and Medium Enterprises SME in Nigeria, Using Bayelsa State as Case Study

This research is carried out to examine the imperative of financial proficiency and performance of small and medium enterprises SME in Nigeria, using bayelsa state as case study. Sample of small scale enterprises in Yenagoa city of Bayelsa state was taken, Linear Regression with Ordinary Least Square was used to test the hypotheses with the aid of SPSS version 20.0. The findings of the study revealed that there is a significant relationship between financial literacy reporting and profitability of small scale enterprises. The study recommended that it is evident that financial behavior is an important contributor to performance of SMEs, and that a statewide financial literacy week campaign be instituted by ministries and agencies in collaboration with SME and well targeted at business owners in rural areas, financial institutions should observe thoroughly the type of businesses, knowledge in the type of businesses etc. before granting loans to small scale enterprises, access to finance is not necessarily a route to success for small scale enterprises but crucially, they need mentorship and business skills transfer to make the transition to becoming established in the formal sector and, in addition to other recommendations, SMEs must hire financial experts to help them manage their businesses as well as to deal with the issue of financial record keeping. Dr. Odogu Laime Isaac | Okpobo Timinipre Joseph "Imparative of Financial Proficiency on Performance of Small and Medium Enterprises (SME) in Nigeria, Using Bayelsa State as Case Study" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-3 , June 2024, URL: https://www.ijtsrd.com/papers/ijtsrd66041.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/66041/imparative-of-financial-proficiency-on-performance-of-small-and-medium-enterprises-sme-in-nigeria-using-bayelsa-state-as-case-study/dr-odogu-laime-isaac