COVID-19 pandemic risks on SMEs sustainability in developing countries: Case study Nigeria

This study looks at the possible risks that the pandemic caused by COVID-19 may have to do with the long-term sustainability of small and medium-sized enterprises (SMEs) in developing countries. The Nigerian scenario is highlighted in particular as a typical example in the report. The effects of the pandemic on SMEs were investigated via data analysis and survey answers, illuminating the difficulties these companies have in continuing to operate and remain viable. The results show that the pandemic had a number of detrimental effects for SMEs in Nigeria, including poor consumer turnout, decreased revenue, higher prices for products and services, erratic sales, and a shortage of supplies. While no discernible drop in the cost or price of goods and services was recorded, the data also shows a decline in the demand for products and services. These results highlight the susceptibility of SMEs and their difficulty in adjusting to the pandemic's unparalleled disruptions. These enterprises are under an even greater strain as a consequence of restrictions and diminished economic activity, which has led to lower revenue and consumer expenditure. The study also shows a drop in consumer demand and a lack of optimism for SMEs' financial future. Recommendations are made based on the study, and they include activities to increase capacity, improve access to digital platforms and e-commerce, provide targeted financial support, and foster a business-friendly climate. Policymakers and other stakeholders may support the expansion and sustainability of SMEs, promoting job creation, economic recovery, and general socioeconomic development in developing nations, by putting these ideas into practice.