Purpose: This study aims to examine the multifaceted impacts of the internal and external factors arising from the COVID-19 pandemic on the small and medium-sized Enterprises (SMEs) in Nigeria. By analysing the internal factors (downsizing and fear of existing business), and external factors (reduction in demand and revenue reduction), the research seeks to provide valuable insight for policymakers, business owners, and stakeholders, ultimately contributing to the development of targeted strategies for enhancing SMEs’ performance and fostering economic recovery in Nigeria. The following null hypothesis guided this study, and was tested at 0.05 level of significance. H0: There is no significant impact of internal factors on SMEs performance in Nigeria; H1: There is no significant impact of external factors on SMEs performance in Nigeria; H2: There is no significant impact of covid-19 on SMEs performance in Nigeria. Methodology: This proposed research methodology was based on a cross-sectional and quantitative investigation with a snowball sampling approach. Company owners, managers, and supervisors of SME's are sent online questionnaires. The online questionnaire was distributed mostly to SMEs based in cities because the average number of SMEs in Nigeria's cities probably accounts for more than half of all SMEs. This study used an online survey on Google questionnaire that was sent to approximately 100 people; however, by using the snowballing method of sampling, the number of people who participated rose to 300 people from all parts of Nigeria (North and South) who live in the country's cities. The questionnaire was designed in open and closed end pattern which will be administered to the small and medium scale enterprises directly; and adopts various measurement methods, including Likert scale, multiple choice and ranking method. Regression analysis was employed to measure these impacts from the stated null hypotheses. The data-gathering instrument for this study was a social media-based questionnaire. The questionnaire was designed to obtain quantitative data and information in those locations, to identify the impact of the COVID-19 pandemic on SMEs, recovery method, and constrains to recovery. The data obtained was presented in tables and analysed using mean, percentages, and standard deviation.
Findings: Findings from the study revealed that SME’s need to constantly measure their performances during crises such as covid-19, to be able to take decisions on: continuing, fortifying, or downsizing their businesses. Adapting to the rapid and changing innovation helps in identifying new business opportunities during covid-19. The study also found out that there is a relationship between SME performance; and downsizing/ fear of existing business respectively; while there is equally a positive relationship between SME performance; and reduction in demand/ revenue reduction respectively. Policy Implications: Government should implement fiscal policy measures that would complement the nation's current monetary policies in order to raise the purchasing power of the people and promote family consumption. National or international border closures should be done in such a way as not to frustrate the business operations of SME’s during pandemic crises. Government can equally find a way to support employees of SMEs of non-government institutions augmenting for the half salaries they are forced on during the pandemic.
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