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Social Media Marketing and Small and Medium Enterprises (SMEs) in Nigeria

Article in The International Journal of Social Sciences and Humanities Invention · November 2022
DOI: 10.18535/ijsshi/v9i011.03

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International Journal of Social Sciences and Humanities Invention 9(11): 7343-7350, 2022
DOI: 10.18535/ijsshi/v9i011.03
ISSN: 2349-2031
https://valleyinternational.net/index.php/theijsshi

Social Media Marketing and Small and Medium Enterprises

(SMEs) in Nigeria
Margaret Oyekan,
Department of Business Administration,
Faculty of Management Sciences,Veritas University,
Abuja-Nigeria.

Abstract
The role of SMEs in economic development of any nation cannot be overemphasis. This is because of their
contributions to their respective country GDP. However, the emergence of social media has provided a
paradigm shift in the modus oparandi of SMEs globally. One country that has benefited from this new wave
of social media marketing is SMEs in Nigeria. Therefore, this study seeks to examine the imperatives of social
media marketing on the growth and development of Small and Medium Enterprises in Nigeria. This study is
situated within the Rogers (1995) Innovation Decision Process theory. Data for the study were collected from
various secondary sources such as textbooks, journals and internet sources while content analysis was used in
analysing the data collected. This study argues that social medium marketing has assisted SMEs in Nigeria in
increase connectivity, knowledge sourcing and customer engagement. This study argues that social media has
provided a lot of benefits to SMEs in Nigeria. Therefore, for SMEs owners to derive the desired benefits from
social media, it will largely depend on how effective and efficient they are in their use of social media
platforms. Therefore, this study recommends among other things that if SME owners should leverage on the
opportunities provided for SMEs growth and development in Nigeria.

Introduction
Small Medium Enterprises (SMEs) are the main focus of industrial policy in Nigeria since the 1990’s as
revealed by the Central Bank of Nigeria (CBN, 1997). This is because SMEs are seen as the engine of
economic growth and development in many nations since such industries are likely to facilitate the
development of broad-based indigenous entrepreneurial culture and value added to domestic industrial
production (Olorunsola, 2001).
In developed economies such as that of the United States, SMEs have played an important role in their
transition from the industrial age to the post-industrial information technology era (Soludo, 2005). Similarly,
in some Asian countries such as Japan, South Korea, Indonesia, Singapore among others, SMEs have
considerably contributed to their GDP and served as a linkage between the industrial sector and other sectors
of the economy through the production of raw materials, spare parts and machineries (Otaru, 2008). Today,
about seventy percent of the values of export of Japanese large enterprises are traceable to SMEs (Soludo,
2005).
Developing countries have since the 1970s shown greater interest in the promotion of the growth of SMEs for
three main reasons: the failure of past industrial policies which were anchored on the establishment of large
firms to generate efficient self-sustaining growth; increased emphasis on self-reliant approach to development,
and the greater attention paid to aspects of development other than investment and output growth (Anyanwu,
1996).
Though, various efforts have also been put in place to stimulate economic growth and development through
SMEs in Nigeria. The post-colonial Nigerian governments have evolved various monetary and fiscal
incentives and scheme to address the financial constraints facing this category of industries. Such initiatives
include the establishment of the Nigeria Industrial Development Bank (NIDB), Nigerian Bank for Commerce
and Industry (NBCI), the National Economic Reconstruction FUND (NERFUND).

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 Margaret Oyekan et./al Social Media Marketing and Small and Medium Enterprises (SMEs) in Nigeria

Besides, export incentives and import duty drawback schemes were put in place for the stimulation and
expansion of non-oil exports which include the Nigeria Export Import Bank (NEXIM) and the Nigeria Export
Promotion Council specifically established to administer export stimulation facilities to SMEs (Olurunsola,
2001). In Nigeria, the SME sub-sector has been expanding, especially since the mid-1980s, following the
introduction of the Structural Adjustment Programme (SAP) which led to rapid deindustrialization of the
economy forcing many large-scale enterprises to lay off a large portion of their work force (Bangura, 1991).
Despite the dynamic and important role played by SMEs in economic development, and the various
efforts put in place by the Nigerian government, the development of SMEs is everywhere constrained by
exogenous and endogenous factors. Exogenous factors are those outside the control of SMEs and includes
inappropriate government policies; poor infrastructures and lack of access to affordable credit. Endogenous
factors are internal to the SMEs and include: weak corporate governance, poor management and accounting
practices; poor business partnership/alliance culture; low human capital development and low level of
technology (CBN, 2006).
Although the revolution of internet and communication channel has changed the way people conduct business
today. In recent years, social media have become a new marketing communication tool in rapid and dynamic
pace. Increasing numbers of businesses are leveraging the social media and other electronic media in
conducting their marketing efforts, giving the chance for electronic based marketing researchers to study more
in this area. While having the adoption barriers, implementing social media marketing by SMEs might create
not only a lot of opportunity but can change the shape and nature of doing business all over the world.
Notwithstanding, idea of social media marketing via platforms such as Facebook, YouTube, Instagram,
LinkedIn and Twitter may be relatively new to a vast number of and its adoption by businesses, brick and
mortar or online cannot be generalized as swooping, hence the need to analyse the use of this medium of
advertising among online businesses in Nigeria. Today, there is a been a paradigm shift and the traditional
means of marketing (that is television, radio, newspapers and magazines) do not suffice on their own anymore,
given the abundance of loop holes inherent in advertising via these mediums especially in the aspect of
feedback, online/social media advertising has gained grounds. It is against this backdrop; this study seeks to
examine the extent to which social media marketing enhanced the growth of Small and Medium Scale
Enterprises (SMEs) in Nigeria.

Conceptual Review: Social media, Social Media Marketing and Small and Medium Scale Enterprises
The concepts of social media, Social Media Marketing and Small and Medium Scale Enterprises has variously
been defined by scholars in the literature. For instance, Associated Press (AP) Stylebook defines Social media
as “online tools that people use to connect with one another including social networks (cited in Momoh,
2019:163). Ventola (2014: 491) defines social media as “Internet based tools that allow individuals and
communities to gather and communicate; to share information, ideas, personal messages, images, and other
content; and, in some cases, to collaborate with other users in real time”. Solo-Anaeto (2017: 3) adds that
“social media are highly interactive communication platforms enabled by the Internet and Web 2.0 in which
users can connect with each other, generate, modify, share, and discuss contents in the form of text, audio,
video or images”. Examples of social media platforms are Facebook, WhatsApp, Twitter, Instagram,
YouTube, Pinterest and LinkedIn.
The terms social media marketing and Internet marketing will be used interchangeably and will be taken to
include the activities of e-marketing. The definition of social media marketing includes using the social media
platforms and its related technologies and features to help achieve marketing objectives in conjunction with
other marketing communication tools. However, social media marketing can be viewed as a new field and a
new business practice involved with the marketing of goods, services, information and ideas via the online
social media. Nevertheless, there is also confusion between the discipline called social marketing and social
media marketing. Numerous references on internet have mislabelled social media marketing as simply social
marketing. Social media offer a unique marketing communication method (Dahnil, et al, 2014).
The concept of small and medium scale Enterprises (SMEs) is relative and dynamic; hence there is no
universal definition for small and medium scale enterprises. Each country tends to adopt definitions based on
the needs of public policy, the level of economic development, the role SMEs are expected to play in the
economic development of that country and the programme of assistance designed to achieve the goal
(Emmanuel, 2003). Small businesses do not conform to any neat parameters because much of their activities
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 Margaret Oyekan et./al Social Media Marketing and Small and Medium Enterprises (SMEs) in Nigeria

depend on the industry in which they operate also the personalities and aspirations of those in charge of these
businesses. These factors vary from manufacturers to retailers, professional managers, high growth, high start-
ups that are funded by venture capitalists to self-financed tradesmen and women for the purpose of making a
living (David et al, 2006).
The first attempt to overcome this definition problem was by the Bolton (1971) which formulated an
“economic” and a statistical” definition of SMEs. Under the economic definition, a firm is regarded as small
if it has a relatively small share of the market place, managed by the owner or part-owners in a personalized
way, is independent in the sense of not forming part of a large enterprise. Under the statistical definition, a
firm is regarded as small if its markets share is not enough to influence the price of goods as well as quantity
sold in the market to a significant effect.
According to Baumback (1983) attempts made to define “small business” in terms of employment, asset value
or sales volume have proved unsatisfactory because a firm in one industry may loom large relative to its
competitors, yet be small in employment, assets and sales relatives to the firms in other industries or vice
versa. Storey (1994) also identified three key distinguishing features between large and small firms. The first
is the greater external uncertainty of the environment of operation and the greater internal consistency of its
motivation and actions. Second, they have different role in innovation and thirdly is the greater likelihood of
evolution and change in the smaller firms. Definitions of SMEs vary across countries and business
environment as a result of differences in industrial organization at different levels of economic development
in some parts of the same country (Sule, 1986).
Loveman et al (1990) recounted that, “Small enterprises” or “small and medium enterprises” are elusive
concepts. They do in fact hide a large heterogeneity in the types of the firms. Definitions also change overtime,
owing to changes in price levels, advances in technology, etc even in the same country, definition may vary
within institutions, depending on their policy focus (Emmanuel, 2003).
The National Council on Industry in 1992 narrowed down the various definitions of SMEs in order to ensure
uniformity and provide for its review every four years. The definition adopted by the National Council of
Industry adopted a combination of capital investment and employment for the categorization of the industries.
The National Economic Reconstruction Fund (NERFUND) also defined SMEs as enterprises with assets
excluding land, plus cost of project not exceeding N40 million (CBN, 2001). In the Central Bank of Nigeria
(CBN) Monetary and Credit Policy Guidelines (2006), SMEs is defined as an enterprise with fixed assets
excluding land but including working capital not exceeding N40million.
Since this happened, there may be a need to classify the small-scale industry into micro and super micro
business, with a view to providing adequate incentives and protection for the former. In the meantime, any
business or enterprise below the upper limit of N250,000 and whose annual turnover exceeds that of a cottage
industry currently put at N5,000 per annum is a small-scale industry. The National Directorate of Employment
(NDE) concept of a small-scale industry has been fixed to a maximum of N35,000. Micro, Small and Medium
Enterprises (MSMEs) are small-scale businesses established by individual(s)/entrepreneurs with limited
amount of capital and personnel with the aim of making profit. The Small and Medium Enterprises
Development Agency (SMEDAN), an agency of the Federal Government of Nigeria, established to facilitate
the promotion and development of the MSMEs sector, classified SMEs in three categories namely: Micro
Enterprises, Small Enterprises and Medium Enterprises (Ogechukwu et al, 2013; SMEDAN 2013).

Literature Review:
There is growing research in the literature on social media and SMEs. For instance, Ikotun (2011) in his study
on financing small and medium scale enterprises in Nigeria: interest rate implication evaluated the impact of
government policy on various sources of finance available to SMEs. His study revealed that deregulation of
interest rate made it difficult for the SMEs to secure loans due to high interest rate, short-term and the loan
are small in amount which are usually not sufficient for meaningful investment. However, their study does
not seek to investigate the impact of social media marketing on SMEs in Nigeria.
Ekpenyong (2009) examined the characteristics, problems and sources of finance to SMEs. The study revealed
that much of initial financing for SMEs came from personal savings of the operators themselves and from
informal financial institutions. The study further revealed that by their nature SMEs have 46 insufficient
accesses to formal financial institutions, and as a result, rely more and more on their own or friends and

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 Margaret Oyekan et./al Social Media Marketing and Small and Medium Enterprises (SMEs) in Nigeria

relatives’ savings and on the informal financial institution for investment capital. However, their study does
not seek to investigate the impact of social media marketing on SMEs in Nigeria.
Aremu et al (2011) in their study on SMEs as a survival strategy for employment generation in Nigeria
revealed that the wide spread of SMEs in Nigeria has a multiplier effect on the rest of the economy that can
enable them to be the engine of economic progress. The findings revealed that most SMEs in Nigeria die
within their first five years of existence, smaller percentages go into extinction between the sixth and tenth
year while only about five to ten percent of young companies survive, thrive and grow to maturity. Key among
the factors responsible for the premature death include insufficient capital, lack of focus, inadequate market
research, overconcentration on one or two market for finished products, lack of succession plan, inexperience,
lack of proper book keeping, irregular power supply, infrastructural inadequacies, lack of proper records or
lack of any at all, inability to separate business and family or personal finances, lack of business strategies,
inability to distinguish between revenue and profit, inability to procure the right plant and machineries,
inability to engage or employ the right calibre of staff, cut-throat competition (Basil 2005). However, their
study does not seek to investigate the impact of social media marketing on SMEs in Nigeria.
Omobolanle (2009) in his study on problems of establishing small business enterprise in Nigeria also
emphasized the problems above and stated that small business cannot thrive effectively except these problems
are tackled. Adejuyigbe et al (2010) also supported these findings in their study on SMEs industrial
development in Ondo state, Nigeria. Their study revealed that the successful development of SMEs in Ondo
state has numerous profitability but the factors that prevent the state from achieving good industrial
development must be addressed. These studies placed emphasis on the importance of SMEs, their problems
and potentials. However, their study does not seek to investigate the impact of social media marketing on
SMEs in Nigeria.
Ogechukwu et al (2013) in their study identified the historical development and orientation of SMEs in
Nigeria. They identified the marketing problems of SMEs in Nigeria such as the provision and enactment of
beneficial and supportive laws, the provision of infrastructural facilities, constant man-power and
development, direct financial assistance and the establishment of finance institutions to support SMEs. It
identifies the roles of SMEs in Nigeria’s development and growth. It concludes by clearly specifying the role
of marketing to the survival of SMEs in Nigeria, and Advances relevant recommendations. However, their
study does not seek to investigate the impact of social media marketing on SMEs in Nigeria.
Dahnil, et al (2014) reviewed the academic literature on factors that drive social media marketing adoption in
SMEs and organization. The study enables others researchers and scholars to establish a balanced picture of
the current state of global social media marketing adoption research. However, their study does not seek to
investigate the impact of social media marketing on SMEs in Nigeria.
Solo-Anaeto, et al (2017) in their study examined the effectiveness of social media as promotional tools for
small and medium enterprises (SMEs) in Yaba, Lagos State, Nigeria. They discovered that Instagram is the
most widely used social media platform for promotion, social media meet the promotional needs of SMEs and
they are effective as promotional tools as they contribute to increase in customers. Besides, their study further
reviewed that many SMEs owners chose social media as their choice of promotion compared to traditional
promotional media because they are easy to use, less expensive, and convenient. However, their study does
not seek to investigate the impact of social media marketing on SMEs in Nigeria.
On the whole, from the review of available and related literature on social media and SMEs, there are few
studies that has examined the extent to which social media marketing enhanced the growth of Small and
Medium Scale Enterprises (SMEs) in Nigeria. It is against this background this study seeks to make significant
contributions to this research area by investigating the impact of social media marketing on small and medium
scale enterprises in Nigeria.

Theoretical Framework
Scholars and Researchers alike have developed a number of theories to the study of the role of social media
in promoting SMEs. In this study, we intend to employ the gratification theory propounded by Katz, Blumler
and Gurevitch (1970) and technological determinism theory by Marshall Mcluhan (1962). According to the
gratification theory media users play an active role in choosing and using the media. Users are goal oriented
in their media use, they have alternate choices to satisfy their needs and they only seek out media source(s)
that best fulfill or gratify their personal needs (Anaeto, et al 2008; Williams et al 2013). Drawing from this,
7346 International Journal of Social Sciences and Humanities Invention, Vol. 9, Issue 11, November, 2022
 Margaret Oyekan et./al Social Media Marketing and Small and Medium Enterprises (SMEs) in Nigeria

business owners have variety of promotional media and tools to choose from but will only employ those that
best suits their needs and give them the highest level of satisfaction. The fact that SMEs are increasingly
utilizing social media for promotion means they are meeting their promotional needs. The uses and
gratification theory were used in this study to provide insights into SMEs’ adoption of social media for
promotional activities as against traditional promotional mix.
The technological determinism theory states that media technologies shape how individuals in a society think,
feel, act, and how our society operates. According to the theory, new technologies are causal elements in
processes of social change; a change in media technology causes a corresponding change in society. This is
because people adopt and evolve ways to use the new technology thus creating changes in social interactions
and behaviours (Adler, 2006; Ukonu, et al 2013). This theory was used to explain the fact that the social media
technology is pervading and the adoption of social media by SMEs are natural responses to changes in society
in order to remain relevant and reach existing and potential customers.
On the whole, we shall adopt the Rogers (1995) Innovation Decision Process theory. Potential adopters of a
technology progress over time through five stages in the diffusion process. First, they must learn about the
innovation (knowledge); second, they must be persuaded of the value of the innovation (persuasion); they then
must decide to adopt it (decision); the innovation must then be implemented (implementation); and finally,
the decision must be reaffirmed or rejected (confirmation). The focus is on the impact of social media and
Small and Medium Scale Enterprises in Nigeria.

Social Media Marketing and the growth and development of Small and Medium Scale Enterprises in
Nigeria
Social media marketing makes use of these social media applications as an extension to fulfil the traditional
marketing. Marketing activities via online applications that allow the production of information and being
collaborate among users and leverage mobile and web-based technologies to create interactive medium where
users and groups member sharing, co-creating, discussing, and modifying known as user-generated content
(Kietzmann et al., 2011).
Over the years, traditional marketing communicates with customers has been carried out through dedicated
media channels like television, radio, newspapers, magazines; but the failure of traditional marketing channels
to yield significant returns on investment is attributed to many reasons including lack of interactive
engagement between the customers and the brand. Today, social media appeared as the solution to the let-
down of traditional marketing. With this paradigm shift, marketing dynamics have changed, not only for large-
scale firms but also for SMEs.
Moreover, the adoption and strategic use of social media marketing is a defining factor for market success and
future survival. While this emerging phenomenon is not bound by geographical boundaries, it therefore
becomes pertinent for SMEs with potentials for growth to adopt the use of social media marketing. In
contemporary times, social media are applications enabled by the Internet has been providing the needed
dynamic environment for expression, information sharing, communication and relationship building. For
instance, Olotewo (2016), Dahnil, et al, (2014) and Otuogo et al, (2015) have argued that traditional mass
media audiences are increasingly, and to a great extent, turning toward the new media for information and
gratification of certain communication needs.
Bond et al (2010) share similar position with Kareem et al (2017) who posit that social media platforms are
changing business operations and strategies for SMEs. It can be said that, social media allow businesses to
connect and engage with customers in creative and diverse ways that suits the interest and needs of the business
owner. Also, it allows business owners to develop strong relationships with their market and potential
customers without huge finance and greatly improve brand visibility. This position was supported by
Oxborrow (2012) who asserts that social media open new opportunities to SMEs which they can leverage to
penetrate their markets, reach their customers and develop relationships in a personal and direct manner that
can catapult their brand and raise their awareness as successfully as any large business. Also, important, social
media enable SMEs to reach a large and potentially international audience in a very short period of time with
relatively little stress.
In addition, Jagongo et al (2013) submit that social media provide for improved customer service and adequate
feedback. Thus, potential customers can find SMEs on social networks, be informed of available products and
services, make inquiries which may lead to more or greater purchases. This, to a large extent will increases
7347 International Journal of Social Sciences and Humanities Invention, Vol. 9, Issue 11, November, 2022
 Margaret Oyekan et./al Social Media Marketing and Small and Medium Enterprises (SMEs) in Nigeria

the chances of loyalty and advocacy from customers. Clayman cited in Cohen (2011) equally asserts that
social media is a new marketing tool that allows businesses to get to know their customers and prospects in
ways that were previously not possible. It enables conversations, connecting with the audience and building
strong relationships with them.
It is against this background, that SMEs choose social media platform(s) where their customers are, to ensure
that the customers can easily have access to their business pages at all times. In order to achieve high visibility
and social media presence as well as reach a wider audience, businesses can have accounts on two or more
social media platforms. For example, today significant numbers of SMEs in Nigeria and by extension across
the world have an Instagram account for picture sharing of its products and services and have a blog or Twitter
account to drive conversations around the products and services or Facebook for community interaction and
building. This position has been buttressed by Gregorio (2014) who rightly observed states that for an SMEs
to enjoy effective sales, there must be great brand visibility and awareness of their products and services
directed at their target market audience.
In addition, there are enormous extent of benefits that SMEs in Nigeria derive from social media largely
depend on how effective and efficient they are in their use of social media platforms. This is so because if
SME owners use social media platform well, they will reap the benefits and if they do not use them well, they
will not reap the benefits. The benefits of social media can be grouped into three broad categories: increased
connectivity, knowledge sourcing and customer engagement. In terms of connectivity, social media helps
SMEs in Nigeria in establishing closer relationships with existing and potential customers. This advanced
form of connectivity can lead to improved marketing, customer service and support, and increased sales.
Regarding knowledge sourcing with social media, SMEs in Nigeria can access information on the nature and
profile of their target market. With this information, they can fine-tune their marketing approaches and engage
in direct targeting. Social media can also be used to generate new ideas and information that SMEs can put to
good use. For customer engagement, social media support better sharing of information between people. This
also allows SMEs to involve customers and members of the public in new projects, product development, and
also in forming support teams that are geographically dispersed across regional and international boundaries.
In conclusion, manipulating the users of social media in Nigeria generated content has enable businesses to
forecast the future purchasing behavior of their customers more accurately, enhances brand post popularity,
attract new customers, build awareness, increase sales and build loyalty. The rapid use of users and the
intensity of user-generated content might create not only a lot of opportunities for SMEs in Nigeria but also
can eliminate a lot of its threats. As Michaelidou et al. (2011) noted that using social media does not require
a great financial investment relatively low cost.

Conclusion and Recommendation

From the above analysis we have been able to examine the imperatives of social media marketing on the
growth and development of Small and Medium Enterprises in Nigeria. Social medium marketing has assisted
SMEs in Nigeria in increase connectivity, knowledge sourcing and customer engagement. This study argues
that social media has provided a lot of benefits to SMEs in Nigeria. Therefore, for SMEs owners to derive the
desired benefits from social media, it will largely depend on how effective and efficient they are in their use
of social media platforms. Therefore, this study recommends among other things that if SME owners use
social media platform well, they will reap the benefits and if they do not use them well, they will not reap the
benefits. Therefore, SMEs owners must leverage on the opportunities provided for SMEs growth and
development in Nigeria.

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7350 International Journal of Social Sciences and Humanities Invention, Vol. 9, Issue 11, November, 2022

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