IMPACT OF COVID-19 ON SMES IN NIGERIA
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IMPACT OF COVID-19 ON SMES IN NIGERIA
Introduction
Following more than a decade of extraordinary economic prosperity, the world is experiencing another global economic downturn. Nigeria’s government is under pressure to strike a balance between citizen health, economic stability, and debt repayment. The Nigerian private sector and small and medium-sized firms (SMEs) suffer while public life is disrupted.
Aim and Objectives
The goal is to find a way for SMEs to grow throughout the coronavirus disease outbreak without going out of business. The aims are attained by satisfying the following objectives:
To investigate the incidence of coronavirus illness in Nigeria.
To research the impact of coronavirus illness on small and medium-sized businesses (SMEs) in Nigeria.
To make recommendations on how SMEs can operate in Nigeria with lowest loss and assure continuity.
Significance of the Study
The study will help relevant entities responsible with eradicating COVID-19 in Nigeria understand the effects of coronavirus illness on SMEs. This will affect investors’ decisions, and the proposal will benefit a wide spectrum of stakeholders.
Motivation for the Study:
According to the literature examined, numerous methodologies are used to study factors affecting SMEs; nevertheless, certain inadequacies were discovered, including a lack of focus on infectious pandemic.
As a B.Sc. Economics student, this project will help me to broaden my knowledge of the Nigerian business sector and gain a thorough understanding of the factors influencing SMEs. The technique used has the advantage of demonstrating how an infectious pandemic affects SMEs.
Key Argument for the Study:
The presumption is that coronavirus disease will have an impact on the survival of small and medium-sized businesses, as Wuqi, Cordia, Ayan, and Jing’s (2018) experiment with SARS coronavirus and H7N9 viruses shown.
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