Coronavirus (COVID-19) and the Survival of Small and Medium Enterprises in Abeokuta, Ogun State Nigeria

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