VENTURE CAPITAL FINANCING AND PERFORMANCE OF SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA

This study examined the relationship between venture capital financing (VCF) and performance of Small and Medium-scale Enterprises (SMEs) in Nigeria from 2011 to 2023. The study used SMEs profitability, job creation of SMEs and the number of SMEs to proxy performance of SME’s. The relevant data was sourced from Central Bank of Nigeria (CBN) statistical bulletin and World Bank database and analysed using unit root test and least square regression. The result revealed that SMEs profitability and number of SME’s, exhibit significant relationship with venture capital financing, while non-significant relationship exist between venture capital financing and SME performance in terms of job creation. The growth in profitability and number of SME’s without growth in job creation is viewed as lopsided growth pattern. The study advocates for SME’s extensive and sustainability growth policies from the Federal Government of Nigeria in order to enhance job creation among the SME’s