Impacts of COVID-19 Pandemic on the SMEs Performance in Nigeria

Franklin, Orujekwe and Rossazana, Ab. Rahim and Nur Zaimah, Ubaidillah (2025) Impacts of COVID-19 Pandemic on the SMEs Performance in Nigeria. Masters thesis, Universiti Malaysia Sarawak.

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Abstract

This study investigates the multifaceted impacts of internal and external factors resulting from the COVID-19 Pandemic on Small and Medium-sized Enterprises (SMEs) in Nigeria. Motivated by the need to understand the challenges SMEs face during global crises, this study aims to provide valuable insights for policymakers, business owners, and stakeholders. The objective is to develop targeted strategies to enhance SMEs' performance and foster economic recovery in Nigeria. The variables examined include internal factors such as downsizing and fear of existing business and external factors like a reduction in demand and revenue. The study's methodology employs a cross-sectional and quantitative approach, utilizing a snowball sampling method. An online questionnaire was distributed to company owners, managers, and supervisors of SMEs in urban areas, initially targeting 100 participants but eventually reaching 300 respondents nationwide through social media channels. The results indicate that the performance of SMEs during the COVID-19 Pandemic requires constant measurement to make informed decisions regarding business operations, whether to continue, fortify, or downsize. The findings show that adapting to rapid innovation is crucial for identifying new business opportunities. Furthermore, the study reveals a significant relationship between SME performance and both downsizing and fear of existing business, as well as a positive relationship between performance and a reduction in demand or revenue. These results imply that understanding the dynamics of internal and external factors can help SMEs better navigate crises and improve their resilience. The insights gained from this research can guide the development of strategies to support SMEs, ultimately contributing to the economic recovery and growth of Nigeria.

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