Accountability as A Driver of Small-Scale Business Development in Nigeria: Evidence from Oghumu Rubber Factory, Benin City, Edo State

Small and medium-scale enterprises (SMEs) constitute the backbone of Nigeria’s industrial economy, yet persistent challenges in accounting, financing, and governance continue to constrain their growth. This study critically examines the role of accountability in enhancing the development of small-scale businesses, using Oghumu Rubber Factory in Benin City, Edo State, as a case study. A survey research design was adopted, with data collected from 65 respondents drawn from a population of 85 using the Taro Yamane sampling formula. Structured questionnaires and personal interviews served as primary instruments of data collection. Findings reveal that small-scale industries in the study area face significant setbacks in the areas of finance, management, technology, commerce, and infrastructure. Most firms rely on personal savings and retained earnings rather than formal banking channels, largely due to stringent loan conditions and poor accounting records that undermine creditworthiness. The study concludes that strengthening accountability systems, including proper bookkeeping, financial reporting, and regulatory compliance, is critical to improving access to credit and accelerating the development of small-scale enterprises in Nigeria. Recommendations include targeted financial literacy programmes, simplified credit access frameworks, and institutional support for SME accounting capacity-building.