Small and Medium Enterprises Innovation and Sales Volume in Selected Manufacturing SMEs in Ogun State, Nigeria

Abstract

The economic prosperity and survival of small and medium enterprises (SMEs) in the manufacturing sector in Nigeria are experiencing turbulent hiccups in sales turnout due to economic constraints and technology or innovation setback. The challenge is persistent (National Bureau of Statistics [NBS], 2019), though SME ecosystems are a strategic vehicle for economic transformation, development, and employment generation. The changing ecology of global/local competition, technologies, and managerial dexterity are fueling sales dip. The inaction, non-adoption, lack of innovativeness (Ariguzo, Agbawodikeizu & Egwakhe, 2018), and systemic deficiencies within SMEs further plummeted sales volume. In addition, the financial and technical know-how to reshape innovation within SMEs' context is making products, systems, and processes innovation obsolete. As such, a reversal in sales underperformance could be addressed from innovation in systems, processes, products, and inputs.