IMPACT OF COVID-19 ON SMES IN NIGERIA
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IMPACT OF COVID-19 ON SMES IN NIGERIA
The impact of COVID-19 on Nigerian SMEs
Introduction
Following more than a decade of extraordinary economic prosperity, the globe is on the verge of another global economic downturn. Nigeria’s government is required to strike a compromise between citizens’ health and economic stability, as well as their personal debt. As public life in Nigeria comes to a halt, the private sector and small and medium-sized firms (SMEs) suffer.
Goals and objectives
The goal is to find a way for SMEs to scale during this period of coronavirus disease outbreak without going out of business. The goals are met by satisfying the following objectives:
To investigate the prevalence of coronavirus illness in Nigeria.
To research the impact of coronavirus illness on Nigerian small and medium-sized enterprises (SMEs).
To make recommendations on how SMEs in Nigeria can operate with least loss and assure continuity.
The Significance of the Research
The study will provide relevant agencies involved in the eradication of COVID-19 in Nigeria with information about the effects of coronavirus illness on SMEs. This will affect investor decisions, and the proposal’s outcome will benefit a wide range of stakeholders.
Motivation for the Research
According to the literature review, numerous methodologies are used to evaluate factors impacting SMEs; nevertheless, there are flaws discovered that do not focus on contagious epidemics. As a B.Sc.
Economics student, this research will help me to broaden my knowledge of the Nigerian business sector, gain a deeper grasp of the factors affecting SMEs, and demonstrate how contagious epidemics effect SMEs.
The Study’s Key Argument
The premise is that coronavirus sickness has an impact on the survival of small and medium-sized businesses, as demonstrated by Wuqi, Cordia, Ayan, and Jing (2018)’s experiment with SARS coronavirus and H7N9 viruses.
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