Evaluation of Post-Covid Survival Strategies for Small and Medium-Sized Enterprises (SMES) in Ijebu Ode Local Government Area, Ogun State, Nigeria

Abstract

The study examined the evaluation of the survival strategies of SMEs in Ijebu ode local government area amidst post coronavirus (COVID-19) pandemic in business environment. The study elucidates on the historical background of corona virus from global level, then narrows it down to the basis of its widespread in the context of Nigeria. The study adopted a descriptive survey research design. A sample size of 200 respondents from the study area was randomly selected for the study. Questionnaire was used to obtain data from the respondents. The study made use of frequency count and percentage tables, mean and standard deviation tables for data analysis. While the research hypotheses formulated were tested using multiple regression correlation analysis at 0.05 level of significance.  The findings at the end of the study revealed that there is significant effect of lockdown of lockdown due to Covid-19 pandemic on the operations of SMEs performance in Ijebu-Ode local government area,: there are special survival strategies for SMEs in post Covid-19 era in Ijebu-Ode local government area, and that there is significant effect of coping strategies on the financial performance of SMEs in Ijebu-Ode local government. The study thereby concluded that the Covid-19 pandemic has a devastating effect on SMEs performance, which eventually led to the shutdown of some businesses due to a reduction in demand and supply, reduction in revenue, and several workers in some instances lost their job. Based on the findings, the study recommended that the Nigerian government is expected to drastically reduce the costs of governance and operation and provide strategies for accessing grants and loans from international community in order to enhance SMEs in country as whole. More so, the government should provide financial supports for the diversification of various aspects of small and medium enterprises (SMEs) such as: agriculture, manufacturing, beauty/cosmetics, acting/directing etc. in order to be responsive to the impact of Covid-19 in the country as a 
whole and to eradicate poverty.