Investigating Resilience of Small and Medium-Scale Enterprises in a Globalised World: Kwara State Experience

Small and medium-sized enterprises (SMEs) are regarded as crucial drivers of innovation, economic growth, and employment creation on a global scale. Nonetheless, SMEs often face internal and external environmental factors that constrain their continued growth. The main objective of this study is to examine the influence of resilience on the performance of entrepreneurial SMEs in a globalised world. The specific objectives are to examine the impact of access to capital on the resilience of SMEs in Ilorin Metropolis and to determine the effect of entrepreneurial support infrastructure on the resilience of SMEs in Ilorin Metropolis. The underpinning theory of the study is the Resource-Based View (RBV) theory. This study adopted a cross-sectional survey research design to collect quantitative data. The target population consisted of 3,124 small and medium-sized enterprises registered with the Kwara State Internal Revenue Service. Using the MACCOR sample size calculator, a sample size of 343 SMEs was determined to be appropriate. A simple random sampling technique was employed to ensure fair representation of SMEs across different sectors. Data were collected using a structured, closed-ended questionnaire based on a five-point Likert scale. The study concluded that access to capital is a significant factor that enhances the resilience of SMEs in Ilorin Metropolis. Furthermore, entrepreneurial support services and infrastructure for start-ups, as well as the transfer of talent and knowledge, are essential in strengthening SME resilience. The study therefore recommends that, to enhance resilience, stakeholders including government agencies, financial institutions, and development partners should focus on improving access to finance through diverse channels such as concessional loans, grants, and venture capital programmes.