This study investigates the impact of the COVID-19 pandemic on small and medium-sized enterprises (SMEs) in Nigeria, with a focus on financial, operational, and policy-related dimensions. As vital contributors to Nigeria’s economy—accounting for 49.5% of GDP and employing over 80% of the private workforce—SMEs were disproportionately affected by pandemic-induced disruptions, including lockdowns, supply chain breakdowns, and declining consumer demand. Drawing on a mixed-methods approach, the research combines survey data from 250 SMEs across Lagos, Abuja, and Port Harcourt with qualitative analysis of policy documents using the Smith Model framework. Findings reveal significant sectoral disparities: while ICT and e-commerce firms recorded a 12% revenue increase due to digital adaptability, traditional sectors such as hospitality and manufacturing suffered losses exceeding 50%. Only 24% of SMEs accessed the Central Bank of Nigeria’s ₦50 billion credit facility, highlighting systemic barriers such as bureaucratic inefficiencies and restrictive eligibility criteria. Digital transformation emerged as a key resilience driver, with firms adopting e-commerce platforms showing a negative correlation with revenue decline (r = –0.45, p < 0.01). Theoretically, the study extends the Smith Model by incorporating “shock responsiveness” to reflect crisis-era policymaking realities. Practically, it offers a roadmap for strengthening SME resilience through policy agility, digital infrastructure investment, and targeted financial inclusion. The research contributes to crisis management discourse in developing economies and underscores the urgency of redesigning support systems that are inclusive, adaptive, and execution-focused.
| Published in | International Journal of Business and Economics Research (Volume 14, Issue 3) |
| DOI | 10.11648/j.ijber.20251403.12 |
| Page(s) | 83-98 |
| Creative Commons |
This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited. |
| Copyright |
Copyright © The Author(s), 2025. Published by Science Publishing Group |
SMEs, COVID-19, Nigeria, Policy Implementation, Crisis Management, Government Intervention
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APA Style
Nwangbo, O. P., Qigeng, L., Adjeley, S. N., John, N. K. (2025). The Impact of COVID-19 on Small and Medium-Sized Enterprises in Nigeria. International Journal of Business and Economics Research, 14(3), 83-98. https://doi.org/10.11648/j.ijber.20251403.12
ACS Style
Nwangbo, O. P.; Qigeng, L.; Adjeley, S. N.; John, N. K. The Impact of COVID-19 on Small and Medium-Sized Enterprises in Nigeria. Int. J. Bus. Econ. Res. 2025, 14(3), 83-98. doi: 10.11648/j.ijber.20251403.12
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Download@article{10.11648/j.ijber.20251403.12,
author = {Odenigbo Paul Nwangbo and Li Qigeng and Sackey Naa Adjeley and Nnadi Kelechi John},
title = {The Impact of COVID-19 on Small and Medium-Sized Enterprises in Nigeria
},
journal = {International Journal of Business and Economics Research},
volume = {14},
number = {3},
pages = {83-98},
doi = {10.11648/j.ijber.20251403.12},
url = {https://doi.org/10.11648/j.ijber.20251403.12},
eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijber.20251403.12},
abstract = {This study investigates the impact of the COVID-19 pandemic on small and medium-sized enterprises (SMEs) in Nigeria, with a focus on financial, operational, and policy-related dimensions. As vital contributors to Nigeria’s economy—accounting for 49.5% of GDP and employing over 80% of the private workforce—SMEs were disproportionately affected by pandemic-induced disruptions, including lockdowns, supply chain breakdowns, and declining consumer demand. Drawing on a mixed-methods approach, the research combines survey data from 250 SMEs across Lagos, Abuja, and Port Harcourt with qualitative analysis of policy documents using the Smith Model framework. Findings reveal significant sectoral disparities: while ICT and e-commerce firms recorded a 12% revenue increase due to digital adaptability, traditional sectors such as hospitality and manufacturing suffered losses exceeding 50%. Only 24% of SMEs accessed the Central Bank of Nigeria’s ₦50 billion credit facility, highlighting systemic barriers such as bureaucratic inefficiencies and restrictive eligibility criteria. Digital transformation emerged as a key resilience driver, with firms adopting e-commerce platforms showing a negative correlation with revenue decline (r = –0.45, p < 0.01). Theoretically, the study extends the Smith Model by incorporating “shock responsiveness” to reflect crisis-era policymaking realities. Practically, it offers a roadmap for strengthening SME resilience through policy agility, digital infrastructure investment, and targeted financial inclusion. The research contributes to crisis management discourse in developing economies and underscores the urgency of redesigning support systems that are inclusive, adaptive, and execution-focused.
},
year = {2025}
}
TY - JOUR T1 - The Impact of COVID-19 on Small and Medium-Sized Enterprises in Nigeria AU - Odenigbo Paul Nwangbo AU - Li Qigeng AU - Sackey Naa Adjeley AU - Nnadi Kelechi John Y1 - 2025/05/29 PY - 2025 N1 - https://doi.org/10.11648/j.ijber.20251403.12 DO - 10.11648/j.ijber.20251403.12 T2 - International Journal of Business and Economics Research JF - International Journal of Business and Economics Research JO - International Journal of Business and Economics Research SP - 83 EP - 98 PB - Science Publishing Group SN - 2328-756X UR - https://doi.org/10.11648/j.ijber.20251403.12 AB - This study investigates the impact of the COVID-19 pandemic on small and medium-sized enterprises (SMEs) in Nigeria, with a focus on financial, operational, and policy-related dimensions. As vital contributors to Nigeria’s economy—accounting for 49.5% of GDP and employing over 80% of the private workforce—SMEs were disproportionately affected by pandemic-induced disruptions, including lockdowns, supply chain breakdowns, and declining consumer demand. Drawing on a mixed-methods approach, the research combines survey data from 250 SMEs across Lagos, Abuja, and Port Harcourt with qualitative analysis of policy documents using the Smith Model framework. Findings reveal significant sectoral disparities: while ICT and e-commerce firms recorded a 12% revenue increase due to digital adaptability, traditional sectors such as hospitality and manufacturing suffered losses exceeding 50%. Only 24% of SMEs accessed the Central Bank of Nigeria’s ₦50 billion credit facility, highlighting systemic barriers such as bureaucratic inefficiencies and restrictive eligibility criteria. Digital transformation emerged as a key resilience driver, with firms adopting e-commerce platforms showing a negative correlation with revenue decline (r = –0.45, p < 0.01). Theoretically, the study extends the Smith Model by incorporating “shock responsiveness” to reflect crisis-era policymaking realities. Practically, it offers a roadmap for strengthening SME resilience through policy agility, digital infrastructure investment, and targeted financial inclusion. The research contributes to crisis management discourse in developing economies and underscores the urgency of redesigning support systems that are inclusive, adaptive, and execution-focused. VL - 14 IS - 3 ER -
School of Economics and Business Administration, Taiyuan University of Technology, Taiyuan, PR China
School of Economics and Business Administration, Taiyuan University of Technology, Taiyuan, PR China
School of Economics and Business Administration, Taiyuan University of Technology, Taiyuan, PR China
School of Electrical and Power Engineering, Taiyuan University of Technology, Taiyuan, PR China
