FINANCIAL MANAGEMENT AND BUSINESS GROWTH IN NIGERIA

ABSTRACT

Understanding the Role of Financial Management and Business Growth in Nigeria is a precondition for writing this lengthy essay. For a well-balanced operation, financial management is crucial to corporate growth. Small, medium, and big scale organizations in Nigeria need financial management to operate effectively. The ultimate goal of financial management is to estimate profit margins and source capital for company expansion. Financial management requires money, which is utilized to carry out plans. It acts as a tool for measuring the plan in terms of naira, and other parties like bankers and other lenders will do the same. An expansion or new business startup loan is necessary. Borrowers have the onus of proof when seeking credit. The usage of the borrowed funds and, more importantly, how and when you will pay back the loan must be demonstrated to the banker or other lenders. The lengthy essay also discusses budgeting, which is a planning tool used by organizations, whether they be political, social, or economic. The absence of a strategy results in an unorganized group of people rather than an organization. Some business owners and managers carry their ideas about in their heads, while others make educated guesses about their industry and yet others present their plans in a structured and methodical way. The fact that this lengthy article used a combination of primary and secondary sources for data collection is a key aspect of the work. In addition to surveys and in-person interviews, the primary source also contains works by authors whose contributions were acknowledged. On the data from the conclusions reached to wrap up the work, the key conclusions and suggestions are based.