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ABSTRACT
BACKGROUND: Since the beginning of history, humans have searched for substances that would sustain and protect them and also act on the nervous system to produce pleasurable sensations. Drugs are believed to provide pleasure because they give inner peace and satisfaction, relax the muscles and heighten sensation. Today, drug abuse is a major problem worldwide. Its extent and characteristics, however, vary from region to region. OBJECTIVES: The aim of this study was to assess the impact of fuel subsidy removal on the profitability, cost structure, operational expense, of small businesses in Ovia North East and it’s implications on the pricing strategies, demand patterns and competitiveness within the small business sector. This is done with a view to raising awareness to the implications of fuel subsidy removal on the day to day activities of small businesses, seeing that small businesses are the backbone to any growing economy. METHOD: A descriptive cross-sectional study was carried out among 350 small businesses selected using Stratified random sampling technique from August 2023 and September 2023. Data was collected using an interviewer-administered structured questionnaire. Data was obtained and analyzed using IBM SPSS version 26.0. Analysis employed descriptive and inferential statistics. Level of significance was set at 5%. RESULTS: Out of 350 participants, 50% of the businesses had to increase prices to keep up with their operational expenses and stay profitable. The majority of businesses experienced varying degrees of decline on their profits after the removal of fuel subsidies. Industry type was a factor that was found to have significant association with the changes in pricing strategy. (p< 0.05).
