Global Economic Meltdown (GEM) and Organizational Effectiveness of Nigerian Small and Medium Enterprises (SMEs) in Lagos State

Abstract

The global financial meltdown is the worst financial crises affecting the world economy after the Great Depression of 1930’s. It affected the various sectors of the economy. Small and medium enterprises are expected to contribute significantly to the economy of both developed and developing countries. The effectiveness of these enterprises of these enterprises will depend on the intervention roles of government and international organizations. This exploratory study investigated organizational effectiveness of some selected Nigerian SMEs during the global financial meltdown. Data were generated from 268 members of the Nigeria Association of Small Scale Industrialists operating in Lagos. The response rate was 34.7%. Data was analysed by means of descriptive statistics and Pearson Product Moment Correlation. The results revealed satisfactory organizational effectiveness of Nigerian SMEs despite global financial meltdown. Hence, Nigerian SMEs can serve as a means of improving standard of living in the globalized environment. The need for stimulating, supporting and sustaining SMEs is suggested.