A Framework for Sustainability of Small and Medium-scale Businesses in Nigeria Amidst the Covid-19 Pandemic

Abstract

The impact of the COVID-19 pandemic on small and medium-scale businesses in Nigeria has exposed the ill-preparedness of business owners and government in guarding against the collapse of these critical assets of the economy and, subsequently, saving livelihoods. Nigeria suffers from a colossal infrastructure inadequacy (for example, power supply and access to the internet are two critical inputs of business), and this problem has for a long time impeded the growth of most companies that cannot afford to run their constant operations on generators and expensive internet. These utilities would have, to a substantial extent, cushioned the effects of lockdowns and enabled e-commerce to thrive, rather than the reliance on the traditional face-to-face approach of doing business. The sustainability principle must be brought to bear on all aspects of life in Nigeria so that the thinking of efficient utilization of available resources will ensure the availability of the same resources in the future; long-term planning by small and medium-scale businesses are anchored on the sustainability concept; business mindsets must change to reflect the reality that it is not business as usual. Managers must begin to see the importance of applying sustainability principles in business, which will positively impact the short and long-term cycle of their business. This paper will peruse the different strategies necessary to keep small and medium-scale businesses afloat in the COVID-19 pandemic period and beyond; it will dissect all the avenues required to navigate the muddy waters occasioned by the advent of the Novel Coronavirus disease to safeguard businesses and jobs in the future in the event of another problematic situation.