MICRO AND MEDIUM SCALE ENTERPRISES AND COVID-19 PANDEMIC IN NIGERIA: ANALYSIS OF IMPACTS IN LAGOS, NIGERIA
Abstract
This study examined Micro and Medium Scale Enterprises performance and the Covid-19 Pandemic in Nigeria: Central Bank of Nigeria policy intervention. Survey research design was employed and questionnaire was used as research instrument. Purposive and accidental sampling techniques were used to select two hundred (200) respondents among small scale businesses within Lagos metropolis in Nigeria while one hundred and ninety five (195) copies of the questionnaire were fully completed and returned. Simple percentage was employed to analyze the responses of the questionnaire while Pearson Moment Correlation was used to test the hypotheses formulated. Results show that there are significant effects of high interest rate, capital financing and taxation on SMEs development in Nigeria during the Covid-19 pandemic era. It is therefore recommended that better investment environment through financing, bearable interest on loans and other investment supporting policies should be put in place to make small scale businesses thrive better in Nigeria. Populace must have access to accurate and relevant information in existing media, which should be complemented by radio announcements, posters and leaflets so as to lead to full inclusion of populace in national preparedness, prevention and response measures to the COVID-19 pandemic while businesses go on.
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