Entrepreneurial Orientation and Business Growth: Moderating Effect of Access to Finance in Nigeria

Entrepreneurial orientation (EO) has been widely studied as a strategic posture that drives firm-level business growth. However, the role of access to finance (ATF) in moderating this relationship, particularly in emerging markets such as Nigeria, remains underexplored. This study investigates the moderating effect of access to finance on the relationship between entrepreneurial orientation and business growth among listed firms in Nigeria from 2011 to 2025. Drawing on a panel dataset of 148 listed firms across multiple sectors on the Nigerian Exchange Group (NGX), the study employs an ex post facto research design and panel regression analysis with fixed- and random-effects models, controlling for firm age, business sector, and firm size. Entrepreneurial orientation is operationalised through innovativeness, risk-taking, and proactiveness, while business growth is measured by revenue growth, asset growth, and employment growth. Access to finance is proxied by leverage ratio, credit access, and financial inclusion indices. Results reveal that EO dimensions positively and significantly influence business growth. Crucially, access to finance significantly strengthens this relationship, suggesting that financial access amplifies the growth-enhancing effects of entrepreneurial behaviour. These findings contribute to the growing body of empirical evidence on EO-performance relationships in sub-Saharan Africa and carry practical implications for Nigerian policymakers, financial institutions, and enterprise development agencies.