COVID-19 PANDEMIC AND THE PERFORMANCE OF SMALL AND MEDIUM SCALE ENTERPRISES IN KOGI STATE

ABSTRACT The study investigated Covid-19 pandemic and the performance of Small and Medium Scale Enterprises in Kogi State. The specific objectives of the study were; to analyze the effect of lockdown on the performance of Small and Medium Scale Enterprises, to evaluate the effect of movement restriction on the performance of Small and Medium Scale Enterprises. The study employed survey research design. The population of the study consists of 938,740 Small and Medium Scale Enterprises in Kogi State. The sample size consists of 400. The study employed primary data. The primary sourced of data was used via questionnaire to obtained information from the respondents. The study employed descriptive and multiple regression analysis to test the hypotheses. Findings from the study revealed that; lockdown reduced economic activities, leading to cash flow disruptions and revenue losses for SMEs, movement restrictions disrupt supply chains, making it difficult for SMEs to access raw materials or finished goods, market closure make SMEs unable to conduct their regular business activities, leading to a direct loss of revenue and profits. The study concluded that, many SMEs faced severe financial challenges due to lockdowns, restrictions, and reduced consumer spending. The study recommended that, small and medium scale enterprises should embrace digital technologies to adapt to the changing business landscape. Establishing an online presence, adopting e-commerce platforms, and leveraging digital marketing that will help them reach a wider audience and mitigate the impact of physical store closures. Small and medium scale enterprises should consider diversifying their product offerings and revenue streams. Relying on a single product or market can make them more vulnerable to disruptions, so exploring new opportunities can enhance resilience.

1 28 Jun, 2024

pg: 14

JBMIC PORTAL SYSTEM

Contri. 3+