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EFFECTS OF COVID-19 PANDEMIC ON SMALL AND MEDIUM SCALE BUSINESSES IN PORT HARCOURT METROPOLIS
Abstract:
Purpose: The study investigated the effect of COVID-19 pandemic on small and medium scale businesses in Port Harcourt metropolis
Design/Methodology/Approach: The descriptive survey research design was adopted for this study. Three objectives and three research questions were formulated to guide the study. Descriptive research survey was adopted. The population of the study is small and medium businesses which are generally classified under; services providers, manufacturing and traders. Stratified random sampling technique was used to select the SMEs then simple random technique was employed to select the respondents. A total of 60 SMEs were selected for the study with 147 respondents. Questionnaire and interview were the instruments used. A total of 55 copies of the questionnaire were used and 92 respondents were interviewed. The data was analyzed using mean score and simple percentages.
Findings: The result showed that COVID-19 pandemic has had a negative effect on SMEs as it has led to low income, insufficient supply and sales fluctuations. The strategies adopted to survive in the wake of COVID-19 include increase in the price of goods and services and operate skeletal. SMEs workers although believe the outbreak of COVID-19 but not in Rivers State hence, expect government to allow everybody go about their businesses
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