BUSINESS RESILIENCE SYSTEMS AND INCLUSIVE ECONOMIC GROWTH IN NIGERIA: THE ROLES OF BUSINESS CONTINUITY PLANNING AND RISK MANAGEMENT CAPABILITY

Abstract

This study examined the relationship between business resilience systems and inclusive economic growth in Nigeria, focusing on business continuity planning and risk management capability as dimensions of business resilience, and employment generation and poverty reduction as dimensions of inclusive economic growth. Dynamic Capabilities Theory served as the basis for the study as it portrays how organisations innovate, build and reconfigure resources and capabilities to deal with disruptions and changing environments.The study adopted a cross-sectional survey research design and collected primary data from selected business owners, managers and senior personnel.The population included 150 selected business owners, managers and senior personnel from which using the Taro Yamane formula, a sample size of 109 was determined from a population of 150, while purposive sampling was used to select respondents with relevant knowledge of business continuity and risk management practices..Structured five-point Likert scale questionnaire was used to gather the primary data, and relevant secondary data was gathered from published sources.Descriptive statistics, correlation analysis and regression analysis were used for the data analysis in EViews computer software.Two regression models were formulated to test the effects of Business Continuity Planning and Risk Management Capability on the employment generation and poverty reduction respectively.The findings revealed that Business Continuity Planning positively and significantly influenced Employment Generation and also Risk Management Capability positively and significantly influenced Employment Generation.Business Continuity Planning also positively and significantly affected Poverty Reduction, whereas Risk Management Capability positively and significantly affected Poverty Reduction. The regression models explained 68.2% of the variation in employment generation and 64.1% of the variation in poverty reduction, respectively. The study finds that better business resilience systems are linked to better inclusive economic outcomes in terms of employment opportunities and poverty reduction.The study suggests that the continuity plan should be strengthened, risk-management capacity building should be improved, support programmes and policies for MSMEs must be more resiliency focused and link business resilience with employment and poverty reduction goals.