EFFECT OF CORONAVIRUS ON SMALL MEDIUM ENTERPRISES PERFORMANCE IN BENIN CITY

jane doe

11 months ago

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

The influence of coronavirus on the performance of small and medium-sized businesses in Benin City was investigated in this study. The study’s overall population is 200 employees from chosen SMEs in Benin City.

The researcher collected data using questionnaires as the instrument. This study used a descriptive survey research approach. The survey included 133 respondents who worked as managers,

secretaries, sales reps, and subordinate staff. The acquired data was organised into tables and analysed using simple percentages and frequencies.

Chapter One

Introduction

Background of The study

Small and medium-sized enterprises (SMEs) are critical to Nigeria’s economic development. They are an important engine in the Nigerian economy because they drive growth, create jobs, particularly among the youth, and encourage innovation.

They provide as a consumer base for larger enterprises along the supply chain and provide critical goods and services to businesses and households, thereby keeping the economy moving.

Furthermore, they can use their agility to invent and incubate new technologies and business models in order to achieve a better future.

Many of Nigeria’s SMEs have the potential to become tomorrow’s huge enterprises, which the continent requires to maintain its growth and prosperity. In terms of commerce, intra-African trade is unlikely to improve unless factors impeding SMEs’ involvement are addressed.

However, numerous studies show that the expansion of SMEs in Nigeria is hampered, among other things, by a lack of financial assistance, bad management, corruption, a lack of training and expertise,

a lack of infrastructure, and insufficient profits. They are currently extremely vulnerable to the unfavourable effects of the Coronavirus disease (COVID-19).

So, clearly, ensuring their existence is critical not only for limiting the economic systemic damage, but also for sustaining employment and creating the foundations for future growth once the pandemic has passed. The primary goal of this article is to examine how COVID-19 affects SMEs in Nigeria and to make recommendations for reducing the impact.

Small and medium-sized enterprises (SMEs) have been severely impacted by the COVID-19 pandemic, owing to the closures and reduced working hours recommended to combat the virus’s spread.

This deadly virus has had a detrimental impact on the global economy, resulting in a global business crisis. According to Aifuwa et al. (2020), coronavirus illness has had a negative impact on both the financial and non-financial performance of businesses in Nigeria. According to the study’s background, the study is to explore the influence of coronavirus on the performance of small and medium-sized businesses in Benin City.

Statement Of the Problem

COVID-19 has had a significant economic impact. This study will investigate the influence of COVID-19 on the Nigerian small company landscape by concentrating on three questions.

First, how did small firms cope with the economic disruptions caused by COVID-19? Second, how long did businesses anticipate the crisis would endure, and how do expectations influence their decisions? Third, how may different policy options affect business and employment resilience?

Aims of the study

The study’s aims are as follows:

To determine the impact of COVID19 on the performance of small and medium-sized businesses in Benin City.

To learn how small and medium-sized businesses in Benin City dealt with the economic disturbances caused by COVID-19.

determining the impact of COVID19 on the Nigerian economy

Hypotheses for research

The researcher developed the following research hypotheses:

H0: COVID19 has little effect on the performance of small and medium-sized businesses in Benin City.

H1: COVID19 has an effect on the performance of small and medium-sized businesses in Benin City.

H02: COVID19 has no influence on the Nigerian economy.

H2: Does COVID19 have an impact on the Nigerian economy?

The significance of the research

The study will be very important to both students and policymakers. The study will provide a comprehensive picture of the impact of coronavirus on the functioning of small and medium-sized businesses in Benin City. This study will investigate the influence of COVID-19 on the Nigerian small company landscape by concentrating on three questions.

scope and limitations of The study

The study’s scope includes the effect of coronavirus on the performance of small and medium-sized businesses in Benin City. The researcher comes upon a constraint that limits the scope of the investigation;

a) RESEARCH MATERIAL AVAILABILITY: The researcher’s research material is insufficient, restricting the scope of 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 obtain resources, restricting the scope of the investigation.

1.7 Definition of Terms

Coronavirus disease (COVID-19) is a viral infection caused by a newly discovered coronavirus.

SME: Small and medium-sized enterprises, often known as small and medium-sized firms, are companies with less than 100 employees. The term “SME” is used by international organisations such as the World Bank, the European Union, the United Nations, and the World Trade Organisation.

Business Performance: A collection of analytic techniques that allows for the management of an organization’s performance in order to accomplish pre-determined goals.

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