An analysis of the legal, market and cultural impediments to financing SMEs in Lagos, utilising Ostrom's Institutional Analysis Development Framework

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Ojobo, E, 2019. An analysis of the legal, market and cultural impediments to financing SMEs in Lagos, utilising Ostrom's Institutional Analysis Development Framework. PhD, Nottingham Trent University.

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Abstract

This research called for an investigation into the legal, market and cultural impediments to developing the SME sector in Lagos Nigeria. The thesis contemplates the need for reform in the current approach to financing business. The thesis raises the question that this sought-after development within the SME sector is not only hindered by access to finance but also ancillary elements like the attributes of the community, the norms and values the individuals in the community share; the legal regime, such as bankruptcy and insolvency laws, property rights; and market problems like high interest rates, inflation, and how these institutions affect the terms and conditions on which a loan is given or accepted.

To conduct this in-depth investigation, the thesis adopts a socio-legal method of enquiry. Drawing on the distinguished Noble Laureate Elinor Ostrom's Institutional Analysis Development (IAD) Framework as the tool of analysis. The IAD framework has been described as a diagnostic tool in which the interaction of participants is determined by the structural features of their situation. With each participant adopting different strategies based on information available to produce outcomes. An analyst observes their interactions, assessing them against evaluative criteria. It is through mapping features identified through research into the Lagos SME sector, and the observation of the interactions produced through the model that this thesis makes its findings.

To use the IAD framework, the thesis relies heavily on the discourse around SME policy in Nigeria, new institutional economics, game theory, market theory and rational choice theory. It is based on these theories that this thesis makes assertions as what possible interactions can occur, what strategies will be adopted, and what outcomes produced, and what the costs and benefits of these strategies are. The thesis builds on these foundations to diagnose what these impediments to the development of the Lagos SME sector are.

Item Type:	Thesis
Creators:	Ojobo, E.
Date:	September 2019
Rights:	This work is the intellectual property of the author. You may copy 5% of this work for private study, or personal, non-commercial research. Any re-use of the information contained within this document should be fully referenced, quoting the author, title, university, degree level and pagination. Queries or requests for any use, or if more substantial copy is required, should be directed to the owner(s) of the Intellectual Property Rights.
Divisions:	Schools > Nottingham Law School
Record created by:	Linda Sullivan
Date Added:	27 Apr 2020 14:01
Last Modified:	27 Apr 2020 14:01
URI:	https://irep.ntu.ac.uk/id/eprint/39743