Effect of Managerial, Financial, and Technological Capacities on Sustainable SME Growth and Wealth Creation in Nigeria

This study investigates the relationship between capacity-building interventions, sustainable SME growth, income and wealth creation, and the moderating role of technological capacity in Nigeria. Using survey data from 2,574 small and medium-sized enterprises (SMEs) across the six geopolitical zones, the study constructs multidimensional indices of SME sustainability and wealth creation based on ordinal measures of employment growth, turnover, output, sales, capital accumulation, wages, and net worth. Human capital exerts a stronger effect than episodic training, underscoring the importance of embedded managerial and workforce capabilities. Second, sustainable SME growth strongly predicts income and wealth creation among enterprise owners and workers. Firms exhibiting sustained improvements in employment, turnover, output, and capital growth are substantially more likely to report higher levels of net worth, wage payments, employment size, and capital stock. Third, technological capacity plays both an independent and moderating role. Digital and ICT capabilities significantly improve wealth outcomes and amplify the positive effect of sustainability growth on income and wealth creation. Overall, the results highlight the complementary roles of human capital development, sustainability-oriented growth, and digital transformation in fostering inclusive wealth generation. The study contributes to the SME development literature by integrating capacity building, sustainability, and technological capability within a unified empirical framework and provides policy-relevant insights for strengthening SME-led economic transformation in emerging economies.   Received: 08 March 2026 / Accepted: 28 June 2026 / Published: July 2026