This research investigates the challenges and success factors influencing small and medium enterprises (SMEs) in Nigeria’s lubricant industry, with a particular emphasis on enhancing growth and competitiveness. The study evaluates key barriers such as regulatory hurdles, inadequate funding, and skills gaps, while also exploring the strategic processes, role of technology and innovation, and funding availability within the sector. Using a mixed-method approach involving qualitative interviews and quantitative surveys, the study applies Structural Equation Modeling (SEM) to examine the relationships between critical factors such as strategic processes, access to financial resources, technology adoption, and workforce development. Findings reveal significant interdependencies among these factors, with regulatory compliance emerging as a vital component for credibility and access to funding. Technology and innovation were found to enhance operational efficiency, customer satisfaction, and market expansion. The study concludes that SMEs can overcome these barriers through strategic process optimization, investment in advanced technologies, diversified funding sources, and workforce development. This research offers actionable insights and a strategic framework that seeks to contribute to the academic discourse and guide policymakers and industry leaders in fostering growth and innovation in the lubricant sector.
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