IIARD International Institute of Academic Research and Development

WORLD JOURNAL OF ENTREPRENEURIAL DEVELOPMENT STUDIES (WJEDS )

E-ISSN 2579-0544
P-ISSN 2695-2483
VOL. 5 NO. 1 2020

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Impact of Covid - 19 Pandemic on Micro, Small and Medium Businesses in Nigeria: What are the Ways of Minimizing the Impact?

Ukata, Philip Festus (FIPMD, MABSEN, MISMN, MABEN, MTRCN, MECRTD) Peace Iyingi Kalagbor

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Abstract

This study adopted a descriptive research design in describing the variables under investigation of how COVID - 19 pandemic impacted on micro, small and medium businesses in Nigeria as well ways of minimizing the impact. The researchers combined both qualitative and quantitative data from secondary sources to systematically describe the variables under the study to obtain valid and reliable results. It was find out that COVID-19 pandemic without cure has seriously impacted negatively on MSMEs but governments of nations are using different measures and strategies to contain COVID-19 spread with containment measures and strategies such as frequent washing of hands, keeping good hygiene, social distancing, and use of face mask in public places and hand sanitizers.Micro, small and medium scale enterprises (MSMEs) in Nigeria have contributed about 48% of the national GDP in the last five years, and accounted for about 50% of industrial jobs and nearly 90% of the manufacturing sector but COVID-19 pandemic also had multiples negative impact on MSMEs more than ever before which include labour market, supply chain, productivity and value chain, finance and liquidity, operations and business sentiment.Among other things, this study recommends that governments and other concerned agencies should find cure for coronavirus pandemic to reduce its various impacts on human and the economic activities.Nigerian Emergency Economic Stimulus Bill 2020 should be properly implemented, including key insights, consideration and strategies for COVID-19 response in Nigeria as ways of minimizing the impact on MSMEs in Nigeria.

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