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<p>The paper presents the methodological process applied in arriving at the result of the impact of economic liberalisation on the access to finance by SMEs and how the policy has contributed to the survival or otherwise of manufacturing SMEs following the implementation in 1992. The policy was envisaged to encourage the inflow of investible funds into Nigeria for greater SMEs access to funds by the governments’ deregulation of interest rates, exchange rates and the licensing of new banks to stimulate competition for the supply of investible funds. The extent to which the policy has achieved its objectives still remains a puzzle.</p> <p>However, the application of return on investment (ROI) model on SMEs transaction records reveals that financial market liberalisation partly contributed to the failures of most manufacturing SMEs in Nigeria contrary to the policy objective of improved SMEs opportunities and access to finance. Instead of the competitive free-market rates to attract funds for investment, it became an obstacle that partly hindered the survival of manufacturing SMEs. The result of the study is further strengthened by the outcome of the global financial crisis and the call for regulation of the financial markets.</p

Examination of the Relationship between Financial Market Liberalisation and the Failures of Small and Medium Sized Enterprises in Nigeria