EFFECT OF CORONAVIRUS ON SMALL MEDIUM ENTERPRISES PERFORMANCE IN BENIN CITY
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EFFECT OF CORONAVIRUS ON SMALL MEDIUM ENTERPRISES PERFORMANCE IN BENIN CITY
Abstract
This study looked at how coronavirus affected the performance of small and medium-sized businesses in Benin City. The entire population for the study is 200 employees from chosen SMEs in Benin City. The researcher employed questionnaires to collect data.
The descriptive survey research design was used for this investigation. The survey included 133 respondents who worked as managers, secretaries, sales reps, or subordinate staff. The acquired data was organised into tables and analysed using simple percentages and frequencies.
Chapter one
Introduction
Background of the study.
Nigeria’s economic development is heavily reliant on small and medium-sized enterprises. They are an important engine in Nigeria’s economy because they fuel growth, create jobs, particularly among young people, and lead innovation.
They serve as a consumer base for larger enterprises along the supply chain, as well as providing essential goods and services to businesses and households, so keeping the economy moving.
Furthermore, they can use this agility to design and test new technologies and business models in order to create a better future. Many of Nigeria’s SMEs have the potential to become tomorrow’s huge enterprises, which the continent requires to continue its path of progress and prosperity.
From a trade standpoint, intra-African commerce is not likely to improve if factors that hinder the participation of SMEs are not addressed. However, several studies show that SMEs in Nigeria face a number of challenges, including a lack of financial support, bad management, corruption, a lack of training and expertise, poor infrastructure, and insufficient profits.
They are currently particularly vulnerable to the unfavourable effects of Coronavirus illness (COVID-19). So, clearly, ensuring their existence is critical not only for limiting the economic systemic damage
but also for maintaining employment and creating the circumstances for future growth once the pandemic has passed. The main goal of this article is to analyse how COVID-19 affects SMEs in Nigeria and make recommendations for reducing the impact.
The COVID-19 pandemic has had a significant impact on small and medium-sized enterprises (SMEs), as closures and reduced working hours have been recommended to combat the virus’s spread. This deadly virus has had a detrimental impact on the global economy, resulting in a crisis in enterprises worldwide.
According to Aifuwa et al. (2020), coronavirus illness has had a negative impact on both financial and non-financial performance in Nigerian businesses. Based on the study’s backdrop, the study seeks to evaluate the influence of coronavirus on the performance of small and medium firms in Benin City.
Statement of the Problem
COVID-19 has created a significant economic shock. This study will look at the impact of COVID-19 on the Nigerian small company landscape, with a focus on three key questions. First, how did small firms respond to the economic disturbances caused by COVID-19?
Second, how long did businesses expect the crisis to endure, and how does this influence their decisions? Third, how would different policy approaches affect business and employment resilience?
The objectives of the study
The study’s aims are:
To determine the influence of COVID-19 on small and medium-sized firm performance in Benin City.
To discover how small medium firms adjusted to the economic disturbances caused by COVID-19 in Benin city.
To determine the effect of COVID-19 on the Nigerian economy.
Research Hypotheses
The researcher formulated the following research hypotheses:
H0: COVID-19 has little effect on the performance of small and medium enterprises in Benin City.
H1: COVID-19 has an effect on the performance of small and medium-sized enterprises in Benin City.
H02: COVID19 has little influence on Nigeria’s economy.
H2: COVID-19 has an effect on Nigeria’s economy.
Significance of the Study
The study will be extremely important to students and policymakers. The study will provide a thorough understanding of the impact of coronavirus on the performance of small and medium-sized businesses in Benin City.
This study will look at the impact of COVID-19 on the Nigerian small company landscape, with a focus on three key questions. First, how did small firms respond to the economic disturbances caused by COVID-19?
Second, how long did businesses expect the crisis to endure, and how does this influence their decisions? Third, how would different policy approaches affect business and employment resilience?
Scope and limitations of the study
The study’s scope includes the effect of coronavirus on the performance of small and medium-sized firms in Benin City. The researcher faces various constraints that limit the scope of the investigation;
a) AVAILABILITY OF RESEARCH MATERIAL: The researcher has insufficient research material, which limits the investigation.
b) TIME: The study’s time frame does not allow for broader coverage because the researcher must balance other academic activities and examinations with the study.
c) FINANCE: There is insufficient funding to source for the materials, thereby limiting the investigation.
1.7 Definition of Terms
Coronavirus: Coronavirus disease (COVID-19) is an infectious disease caused by a recently discovered coronavirus.
SME: Small and medium-sized companies, or small and medium-sized firms, are businesses with fewer than a specific number of employees. International organisations such as the World Bank, the European Union, the United Nations, and the World Trade Organisation use the abbreviation “SME”.
Business performance is a set of analytic methods that allow organisations to control their performance in order to reach predetermined goals.
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