Effect of coronavirus on small medium enterprises performance in Benin city
CHAPTER ONE
Objective of the study
The objectives of the study are;
- To ascertain the effect on COVID19 on small medium enterprise performance in Benin city
- To ascertain how did small medium enterprises adjust to the economic disruptions resulting from COVID-19 in Benin city
- To ascertain the effect of COVID19 on Nigeria economy
CHAPTER TWO
REVIEW OF RELATED LITERATURE
Coronavirus Pandemic in Nigeria
On February 27, 2020, Nigeria recorded her first case of the dreaded coronavirus (COVID-19) disease- an Italian citizen who travelled into the country. This reality woke the federal and state government up to protect its citizens. Haven acknowledged the fast rate of morbidity and mortality of the virus in other countries across the globe, their aim was to prevent an outbreak of the disease in the country. Civil societies and government agencies embarked on enlightenments campaigns for good hygiene and social distancing in public places (Olapegba, et al. 2020). Also, the body responsible for disease control in the country – the Nigeria Centre for Disease Control (NCDC), partnered with states governments to trace and track victims and their contact. To further prevent the spread of the virus, the Federal government of Nigeria on March 30, 2020 took a drastic decision to close all national borders and airspace, schools, worship centres and other public centres and placed the Federal Capital Territory (FCT), Lagos and Ogun State on total lockdown for fourteen (14) day (Olapegba, et al. 2020). They later extended this lockdown to May 3, 2020. COVID-19 testing laboratories was set up in Lagos, Irrua in Edo State and the FCT and states government opened isolation centres and imposed a dawn to dust curfews in their territories. These drastic decisions or measures taken by the federal government had negative effects on her citizens and also on the economy. They coerced people to stay at home; businesses and offices were closed, excluding the health care sector and essential goods providers (like food and water). This lead to loss of job across the country accompanied with high crime rates in states on total lockdown (Aifuwa, Musa & Aifuwa, 2020). On the bright side, the decision and measure have yielded a high compliance rate from citizens, as they frequently engage in hand washing, practice social distancing and self-isolation, avoided going to work, schools, or crowded area (Olapegba, et al. 2020). Also, most religious leaders in the country have stopped large gathering, forbade hand shaking, and directed its member to pray at home and use of hand sanitizers (Makinde, Nwogu, Ajaja & Alagbe, 2020; Olatunji, 2020).
CHAPTER THREE
RESEARCH METHODOLOGY
Research design
The researcher used descriptive research survey design in building up this project work the choice of this research design was considered appropriate because of its advantages of identifying attributes of a large population from a group of individuals. The design was suitable for the study as the study sought effect of coronavirus on small medium enterprises performance in Benin city
CHAPTER FOUR
PRESENTATION ANALYSIS INTERPRETATION OF DATA
Introduction
Efforts will be made at this stage to present, analyze and interpret the data collected during the field survey. This presentation will be based on the responses from the completed questionnaires. The result of this exercise will be summarized in tabular forms for easy references and analysis. It will also show answers to questions relating to the research questions for this research study. The researcher employed simple percentage in the analysis.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain effect of coronavirus on small medium enterprises performance in Benin city. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of coronavirus on small medium enterprises performance in Benin city
Summary
This study was on effect of coronavirus on small medium enterprises performance in Benin city. Three objectives were raised which included: To ascertain the effect on COVID19 on small medium enterprise performance in Benin city, to ascertain how did small medium enterprises adjust to the economic disruptions resulting from COVID-19 in Benin city and to ascertain the effect of COVID19 on Nigeria economy. In line with these objectives, two research hypotheses were formulated and two null hypotheses were posited. The total population for the study is 200 staffs of selected SMEs in Benin city. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made managers, secretaries, sales representatives and junior staffs were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
Conclusion
The reality of Coronavirus disease calls for great measures and strategies to be put in place, for the survival of both humanity and businesses. This study suggested ways SMEs can cope in this era of the Coronavirus pandemic and also proposed a model in which businesses can use to help win the fight against the invisible enemy. We concluded that SMEs can triumph in these turbulent times following the laid down health advice, and we pray the world heals of this pandemic in no distant time.
Recommendation
The following recommendations for the policy makers and all stakeholders in SMEs in Nigeria that: pandemic is still ongoing, a spike reduction in operations and sales of SMEs will metamorphose into cash-trap. This would increase the vulnerability of SMEs in Nigeria to other external shocks. Therefore, the government should set aside emergency fund targeting SMEs in the country. Deferment of taxes or waiver of taxes, lower interest rate could also be embarked on by the appropriate policy makers to make SMEs remain afloat during and after COVID-19 pandemic.
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