Impact of Financial Literacy On the Growth of Small and Medium Enterprises in Maiduguri Metropolitan Council, Borno State, Nigeria

The study will assess the impact of financial literacy on the growth of small and medium enterprises in Maiduguri Metropolitan Council, Borno State, Nigeria. Four objectives and four research questions will be formulated for the study. The study will use primary data. A sample size of 150 respondents will be selected for the study using simple random sampling techniques. Structured questionnaire will be used to collect primary data. The data collected will be sorted, edited, coded, cleaned and processed using Statistical Package for the Social Sciences. Descriptive statistics will be used to analyse the data through computing of mean, standard deviation and percentages. In addition, regression analysis will also be used to establish the relationship between the independent variables and the dependent variable. The study would come up with strategies on how to manage debt since it is positively and significantly associated with profits of SMEs. Among the strategies would be to avoid multiple borrowings and accumulation of a lot of debt in the business since this may affect debt repayment.