COVID-19 Pandemic and SMEs’ Survival in Nigeria: Revitalization Recommendations

Abstract

This paper demonstrates the Implication of Corona Virus (Covid-19) on Small and Medium Enterprises (SMEs) in Nigeria. With the main objectives of showing the impact of Covid-19 on SMEs; laid off workers, halted operations, reduction in production, and reduction in sales and disruption in supply chain and highlight multiple areas of facilitation required for government intervention. Using a questionnaire survey on SMEs  in Kano, 238 useable responses collected, and the results of the study shows that SMEs  had reduced sales; 17% to a considerable extent, 27% to a great extent and 36%  reduced sales in extreme manner;  Similarly, SMEs reduced production to a great extent of 29%, 35%  in an extreme manner while 40%  to a considerable extent;  the result of the study  revealed disruption in supply chain of SMEs, 17%  to a considerable extent disruption, 29% to a great extent disruption and 38% in an extreme manner. In addition, the result of the study also shows laid off workers; 16% of SMEs has moderately laid off workers, 17% to a considerable extent, 21% to a great extent; our findings also show that SMEs halt operations, 17% to a considerable extent, 29% to a great extent and 35% operation has been halted in an extreme manner; while highlighting multiple areas of facilitation required, 61% of enterprises demands financial schemes while 29% solicits special packages. The study recommends adequate SMEs’ financing, wages support to retain employees, reduction of rental cost and utility bills and Infrastructure Support among others.