Abstract
This study assessed the relationship between COVID-19 and the survival of Small and Medium Enterprises. The survey research design was employed in carrying out the study and SMEs owners in Abeokuta, Ogun State, Nigeria constituted the population. The study used the Yamane formula for calculating sample size to derive a total of 261 SMEs as the sample size for this study. Data for the study was collected using a standardized questionnaire and the collected data was analyzed using inferential statistics (regression analysis and correlation analysis). The result of the analysis unveiled those COVID-19 sub-variables (lockdown days, internal movement restriction and international travel restriction, with Beta value of (β = -412, β = -281 and β = -044) all have significant negative relationship with the survival of SME businesses. Based on the finding, the study recommended that more financial and social aids/stimuli should be provided for SMEs owners in order to keep them operational during and after the pandemic. The study also recommended that social, health and economic infrastructures such as public health system, social welfare programs and digital economy should be worked upon. Keywords: Coranavirus, Coranavirus Disease, COVID-19, Pandemic, Economy, Small and Medium Enterprises. DOI: 10.7176/EJBM/12-16-05 Publication date: June 30th 2020
Highlights
At early 2019, the concern of economists, policy makers, businesses and corporate bodies and other major stakeholders was the effects that the Trump-China trade war, the Russia-Saudi-Arabia oil war, BREXIT and other political and politico-economic grievances among countries are having or could have on global economy
The contribution of all independent variables to the dependent variable (SME survival) was by R Square 0.59. This indicates that factors combined explain the rate of 59% of the variation in Small and Medium Enterprises (SMEs) survival is caused by lockdown days, international travel restriction and internal movement restriction which is considered as good percentage
5] Conclusion and Recommendation This study has assessed the influence of the COVID-19 pandemic on the survival of SMEs in Ogun -State, Nigeria
Summary
At early 2019, the concern of economists, policy makers, businesses and corporate bodies and other major stakeholders was the effects that the Trump-China trade war, the Russia-Saudi-Arabia oil war, BREXIT and other political and politico-economic grievances among countries are having or could have on global economy. After its outbreak in Wuhan, China, the disease has spread across the world and its corollary results such as the disruption of economic activities of different sectors of the economy and loss of lives continue to follow it wherever it goes. In Nigeria, as noted by Ozili (2020) the economic decline was caused by the combinatory forces of decline in oil price and the Covid-19 outbreak which led to a fall in the demand for oil products and pending of economic activities from taking place when social distancing and other restrictions were enforced in the country. Small and Medium Enterprises (SMEs) make up about 95% of the Nigeria economy and they serve as a source of employment generation, innovation, competition, economic dynamism which leads to poverty alleviation and national growth (Ocheni, 2015).Because they enjoy a wider geographical presence than big companies, SMEs contribute to better income distribution (Adebisi & Gbegi, 2013)
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