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Macro-Structural Obstacles to Firm Performance: Evidence from 2,640 Firms in Nigeria

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  • Amr Hosny

Abstract

A recent World Bank enterprise survey identified access to finance as the top constraint to Doing Business in Nigeria. In this context, the objective of this paper is two-fold: (i) study firm characteristics associated with more access to finance and export diversification; and (ii) quantify the impact of these structural obstacles on firm performance. Results suggest that (i) larger and export-oriented firms are about 40 percentage points less likely to report access to finance as a business obstacle, while firms perceiving access to finance as a constraint are, on average, about 10-40 percentage points less likely to be export-oriented diversified firms; and (ii) better access to finance and export diversification can help firm employment —as much as 80 percent higher— and capacity utilization. Results are largely robust to different specifications and estimation methods.

Suggested Citation

  • Amr Hosny, 2020. "Macro-Structural Obstacles to Firm Performance: Evidence from 2,640 Firms in Nigeria," IMF Working Papers 2020/062, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2020/062
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    Keywords

    WP; firm; firm performance; export; enterprise surveys; access to credit; export diversification; Nigeria; Nigeria enterprise survey question; export orientation; survey response; firm level; Exports; Credit; Capacity utilization; Employment; Global; Sub-Saharan Africa; Business environment;
    All these keywords.

    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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