Abstract
The study examines the impact of Corona Virus on small and medium scale enterprises in Nigeria. COVID-19 pandemic has been affecting all spheres of human endeavour in the recent time. As the coronavirus affects public health services at global level, it also does to global economies. The outbreak of COVID-19 in Nigeria has virtually affected all facets of life such as: education, social activities, political, governance, and economic dealings. Most business transactions since the outbreak of COVID-19 recorded low sales whereby most SMEs reported decline in the source of income. Coronavirus has created negative impact on the overall operations of SMEs in the country. It is due to this negative consequence that, there are a lot of cut downs in the production. It is observed that, many businesses especially Small and Medium Enterprises (SMEs) in Nigeria have collapsed as a result of negative effect of the COVID19 pandemic. There is vulnerability with regard to the business transactions
CHAPTER ONE
INTRODUCTION
1.1. Background to the Study
The
year 2020 will be remembered as the year of the COVID-19 epidemic, for the very
first time that virtually every country on the globe was forced to momentarily
restrain individuals, close businesses, and control human behavior to reduce
physical contacts. The COVID-19 pandemic, a worldwide and unexpected
occurrence, proved to be a major re-shaping factor in social and economic life
as we know it. Starting in February 2020, businesses all around the world saw
their staff put on lockdown, there was a severe supply chain difficulties on a
worldwide scale, and, in some cases, operating prohibitions, especially if
their company required physical relationships with its customers Includes
hotel, tourism, service providers, cultural, and entertainment businesses, for
example. In many cases, demand was impacted, the labor was no longer physically
accessible, and revenues were reduced. For some of the pandemic