EFFECT OF COVID-19 ON THE FINANCIAL PERFORMANCE OF SMEs IN NIGERIA
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BACKGROUND OF THE STUDY
Nigeria is unquestionably one of Sub-Saharan Africa's major economies1. While she is heavily reliant on oil, her economy is bolstered by pockets of global entities that include almost all sectors of the economy, including multinational corporations with offices in the region, indigenous firms, and a vast number of small and medium-sized businesses (SMEs).Small and medium-sized companies (SMEs) are non-affiliated, self-contained businesses with less than a defined number of employees. This figure differs by country. In the European Union, the most common upper limit for defining a SME is 250 workers. However, some countries restrict the number of workers to 200, while the US considers SMEs to be companies with less than 500 employees.Small businesses typically have less than 50 employees, while micro-businesses have no more than 10, and in some cases no more than 5, employees.The Central Bank of Nigeria described SMEs in its monetary policies circular No. 22 of 1988 as businesses with an annual turnover of less than five hundred thousand Naira (N500,000). The National Policy on Micro, Small, and Medium Enterprises (SMEs) has made a strong distinction between enterprises dependent on jobs and assets for the sake of transparency.SMEs are businesses that can be classified based on their capital, project scope and expense, annual turnover, financial strength, and employee count, among other factors.
Nigeria has over 37.07 million micro, small, and medium-scale enterprises (SMEs), which account for more than 84 percent of total employment in the region, according to the Ministry of Industry, Trade, and Investment. According to the ministry, MSME businesses in Nigeria account for about 48.5 percent of the country's GDP, as well as 7.27 percent of all goods and services exported out of the country.Micro companies make up the majority of SMEs in Nigeria, accounting for 36,994,578 (roughly 99.8%), with small businesses accounting for 68,168 and medium businesses accounting for 4,670. Lagos State, Oyo State, and Kano State are the top three states in Nigeria with the most SMEs.
1.2 STATEMENT OF THE PROBLEM
Corona viruses are a group of viruses that infect both animals and humans and belong to the Coronaviridae family. Human corona viruses may cause mild illness, equivalent to a common cold, or more serious illness (such as MERS - Middle East Respiratory Syndrome and SARS - Extreme Acute Respiratory Syndrome) (Severe Acute Respiratory Syndrome). In December 2019, a new corona-virus that had never been seen in humans before was discovered in Wuhan, china.Respiratory conditions such as fever, cough, and shortness of breath are signs and symptoms. Infection can lead to pneumonia, extreme acute respiratory syndrome, and even death in the most severe cases.When coughing or sneezing, shield the nose and mouth with a flexed elbow or disposable towel, and avoid physical contact with someone who has a fever and cough, according to standard guidelines.WHO is working with global scientists, governments, and allies to quickly increase scientific awareness about this emerging virus and to offer timely guidance about how to protect people's health and keep the disease from spreading. Prior to the importation of COVID-19 into Nigeria, the government established a "Corona-virus preparedness team" through the country's leading public health organisation, NCDC ( Nigeria Centre for Disease Control).Nigeria is one of the top thirteen countries listed as having a high chance of importing COVID-19, based on either a direct connection or an indirect link or strong amount of traffic to and from China.
The livelihoods of many traders and small business owners are in jeopardy as the COVID-19 threatens to cause havoc. According to a new Goldman Sachs poll, 50% of company owners say they don't believe they'll be able to keep their operations going for longer than three months.Business owners are facing many challenges, including ensuring that the companies in which they have invested their blood, sweat, and tears continue to operate. On top of that, all of them have workers to defend and reassure, which is a monumental challenge because they themselves are burnt out.COVID-19 continues to have an effect on companies and how they work, ranging from the closure of productions/operations to a decrease in customer trust. Corona Virus has had an undeniable negative effect on companies all around the world.
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