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Effects of Fuel Subsidy Removal on Small and Medium Enterprises Growth and Development in Nigeria: Case of Block Making Industries

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  • Dr. AKINOLA Emmanuel Taiwo

    (PhD in Business Administration – Entrepreneurship and Human Resource Management, Adeyemi Federal University of Education, Ondo, Ondo State, Nigeria.)

  • Dr. AKINTUNDE Samuel Akinrinola

    (PhD in Social Studies, Department of Social Studies, Adeyemi Federal University of Education, Ondo, Ondo State, Nigeria)

  • Dr. AKINTUNDE-ADEYI, Julianah Funmilayo

    (PhD in Business Administration – Human Resource Management, Department of Business Administration, Bowen University, Iwo, Osun State, Nigeria.)

  • BADEMOSI Seyifunmi Damilola

    (Ph.D Candidate in Religious Studies, Department of Religious Studies, Adeyemi Federal University of Education, Ondo, Ondo State, Nigeria.)

  • ABDUSSALAAM Lolade Bashir

    (2015 Katalonia ln, Fresno, Texas. 77545)

Abstract

The paper looks into how Nigerian SMEs, particularly those in the block-making industry, have been impacted by the removal of fuel subsidies and discusses potential solutions to help them get over challenges and seize new opportunities. It specifically examines the ideas of fuel subsidies, small and medium-sized businesses, and the block-making sector; assesses the financial effects of eliminating fuel subsidies on SMEs, especially those in the block-making sector; and finds potential remedies to the severe financial effects on SMEs, especially those in the block-making sector. The study adopted exploratory and qualitative research methods to determine the deeper understanding of the subject and influence of the removal of fuel subsidy on the growth and development of SMEs in Nigeria, which in turn showed the motivating factors behind the reactions of the entrepreneurs in the block-making industries and how it negatively affected their operations and economic activities of the industries.

Suggested Citation

  • Dr. AKINOLA Emmanuel Taiwo & Dr. AKINTUNDE Samuel Akinrinola & Dr. AKINTUNDE-ADEYI, Julianah Funmilayo & BADEMOSI Seyifunmi Damilola & ABDUSSALAAM Lolade Bashir, 2024. "Effects of Fuel Subsidy Removal on Small and Medium Enterprises Growth and Development in Nigeria: Case of Block Making Industries," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(6), pages 1245-1258, June.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:6:p:1245-1258
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    References listed on IDEAS

    as
    1. Ian W.H. Parry & Mr. Simon Black & Nate Vernon-Lin, 2021. "Still Not Getting Energy Prices Right: A Global and Country Update of Fossil Fuel Subsidies," IMF Working Papers 2021/236, International Monetary Fund.
    2. Cecile Couharde & Sara Mouhoud, 2020. "Fossil Fuel Subsidies, Income Inequality, And Poverty: Evidence From Developing Countries," Journal of Economic Surveys, Wiley Blackwell, vol. 34(5), pages 981-1006, December.
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