MSMES IN NIGERIA AND NAVIGATION OF THE CONSTRAINTS IMPOSED BY FIRST WAVE OF COVID-19 TURMOIL: A REVIEW
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Keywords

MSMEs
COVID-19
pandemic
financial technology
Nigeria
economic growth

Abstract

Nigerian micro, small and medium scale enterprises (MSMEs) contributed 49 percent to the national GDP, accounted for 96 percent of businesses and 84 percent of employment. Yet enormous challenges hampering growth exist and Coronavirus Disease 2019 (codenamed COVID-19) heightens these. This article is intended to add to existing literature that discusses how MSMEs will be able to navigate the COVID-19 crisis. Among other suggestions, Nigerian government should offer liquidity interventions to support firms in addressing immediate liquidity challenges, reduce layoffs, and avoid firm closures and bankruptcies. It should also take actions to help MSMEs adopt new work processes, speed up digitalization and find new markets.

 

Keywords: MSMEs, COVID-19, pandemic, financial technology, Nigeria, economic growth.

 

Cite as: Okon, E. O. (2021). MSMES in Nigeria and navigation of the constraints imposed by first wave of Covid-19 turmoil: A review. Trends in Social Sciences, 3(2), 1-15.

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