Abstract
The COVID-19 pandemic has led to the introduction of protection measures, such as: Lockdown, social distancing, closure of event centers, curfew, closure of night clubs and the discouragement of the gathering of large crowd, among others. These protection measures have negatively impacted most business enterprises. This has equally threatened the corporate survival of most enterprises, especially micro, small and medium enterprises (MSMEs). This study examined the chief executives of MSMEs’ perspectives on the strategies that were employed to survive during the Covid-19 pandemic in Nigeria. This study adopted exploratory research design. The study was conducted in three purposively selected states (Lagos, Kano and Anambra states) because the three states account for the largest concentration of MSMEs across the three largest ethnic groups in Nigeria. The primary data was gathered through in-depth interviews which were conducted on 24 purposively selected MSMEs CEOs from Lagos, Kano and Anambra States. The findings revealed that MSMEs were adversely impacted by the Covid-19 pandemic. Particularly, states that enforced strict lockdown. This led to reduction in patronage, thereby threatening the corporate survival of most enterprises, especially enterprises that do not deal on essential commodities, like: Drugs, food and health care, among others.
Highlights
The corona virus disease (COVID-19) pandemic has negatively affected the human capital of nations and the recommended protection measures have adversely impacted the economic activity of the globe
The Nigeria economy is projected to contracts by 3.4% in 2020, which is higher than the global average (International Monetary Fund [IMF], 2020)
The study concluded that most MSMEs were adversely impacted by the Covid-19 pandemic
Summary
The corona virus disease (COVID-19) pandemic has negatively affected the human capital of nations and the recommended protection measures have adversely impacted the economic activity of the globe. As a result of the pandemic, the International Monetary Fund (IMF) projected that the global economy will contract sharply by 3% in 2020, much worse than during the 2008/2009 financial crises. The Nigeria economy is projected to contracts by 3.4% in 2020, which is higher than the global average (International Monetary Fund [IMF], 2020). The pandemic has triggered extraordinary panic, and disruptions for business organizations in general, micro, small and medium enterprises (MSMEs). The MSMEs sector tends to be adversely affected by the pandemic, considering its low capital and its inability to absorb shocks. While the health impact of the crisis is substantial, the economic effects are no less devastating especially for businesses
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