COVID-19 PANDEMIC AND SMALL AND MEDIUM ENTERPRISES PERFORMANCE IN OTUKPO, BENUE STATE

The research centered on examining the impact of the Covid-19 Pandemic on the performance of Small and Medium Enterprises (SMEs) in Otukpo, Benue State. To address this objective, three research questions were formulated and corresponding hypotheses were tested. The sample size for the study was determined using the Taro Yamane formula, leading to a selection of 304 SME operators in Otukpo, Benue State. The study employed a survey research design, and the population comprised SMEs operating within the Benue State community. The analysis of the results was conducted using multiple regression. Findings indicates that lockdown is statistically insignificant (0.1463) and has a positive coefficient value of (162.7281) with the performance of SMEs. Market closure has a negative (- 28.68286) and statistically insignificant effect (0.0788)on the performance of SMEs. The probability value of 0.5241 shows that social distance has a negative (-0.523523) and statistical insignificant effect on the performance of SMEs. The study concluded that Covid-19 Pandemic has no significant effect on the Performance of Small and Medium Enterprises in Otukpo, Benue State. The study recommended that given the statistically insignificant impact of lockdown on SME performance, policymakers and business owners should collaborate to develop and implement effective mitigation strategies during lockdowns. It was also recommended that despite the statistically insignificant impact of market closure on SME performance, it is essential for SMEs to enhance their resilience to market disruptions. Finally, it was recommended that SMEs should consider investing in online platforms, contactless services, and innovative marketing strategies to navigate potential challenges associated with social distancing measures.

1 29 Mar, 2024

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