Assessment of the Socioeconomic Impact of Covid-19 Pandemic on Small and Medium Scale Business Enterprises: Nigerian Youths in Perspective

Eneji Chris-Valentine Ogar; Ajor Joseph Okuta; Eneyo Eyo Okon; Acha Joseph Odama

doi:doi:10.11648/j.jwer.20211001.13

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Assessment of the Socioeconomic Impact of Covid-19 Pandemic on Small and Medium Scale Business Enterprises: Nigerian Youths in Perspective

Eneji Chris-Valentine Ogar, Ajor Joseph Okuta, Eneyo Eyo Okon, Acha Joseph Odama

Published in Journal of World Economic Research (Volume 10, Issue 1)

Received: 18 January 2021 Accepted: 26 January 2021 Published: 10 February 2021

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Abstract

This study is designed to assess the socioeconomic effects of covid-19 pandemic on small and medium scale business enterprises’ sustainability, with focus on Nigerian youths. Three research questions were raised and a null hypothesis was formulated to guide the study. The survey inferential research design was adopted, the study population are the Nigerian youths engaged in small and medium scale business enterprises across the 36 states of Nigeria. Using the multistage random sampling and accidental/purposeful techniques, a sample of 6000 respondents were selected for the study. The researchers designed structured questionnaire divided into three sections to cover the three questions raised was used for data collection. The administration of the instrument was done within eight weeks. Data was analyzed using simple percentage and Pearson Product Moment Correlation Analysis to test the null hypothesis. The result shows that 25 small and medium scale business enterprises were categorized and used for the study, out of the 6000 respondents used for the study, 3791 respondents (63.2%) were males, while 2209 (36.8%) were female entrepreneurs. The result further identified 14 ways the covid-19 pandemic affected the socioeconomic activities of small and medium scale business enterprises among the youths. The result of the correlation analysis yielded a calculated r-value of 0.688 and a table value of 0.176 at 0.05 significance level and a degree of freedom of 5998, indicating that Covid-19 pandemic has significant effects on SMEs’ sustainability in Nigeria. Based on this, it was concluded that the covid-19 pandemic has caused very severe significant effects on small and medium scale business enterprises, the major players in this sector are the youths, hence covid-19 pandemic has dealt a devastating effect on SMEs. It is therefore recommended among others that there should be the strict observation of all preventive -control protocols as prescribed by the agencies concerned in Nigeria and world over. It was further recommended that government and other agencies can make palliative capitals as soft loans for those whose businesses were badly affected to start all over again or continue from where they stopped.

Published in	Journal of World Economic Research (Volume 10, Issue 1)
DOI	10.11648/j.jwer.20211001.13
Page(s)	18-27
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), 2021. Published by Science Publishing Group

Keywords

Socioeconomic Impacts, Small and Medium Scale Business Enterprises, Covid-19 Pandemic, Nigerian Youths and Entrepreneurial Skills

References

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APA Style

Eneji Chris-Valentine Ogar, Ajor Joseph Okuta, Eneyo Eyo Okon, Acha Joseph Odama. (2021). Assessment of the Socioeconomic Impact of Covid-19 Pandemic on Small and Medium Scale Business Enterprises: Nigerian Youths in Perspective. Journal of World Economic Research, 10(1), 18-27. https://doi.org/10.11648/j.jwer.20211001.13

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ACS Style

Eneji Chris-Valentine Ogar; Ajor Joseph Okuta; Eneyo Eyo Okon; Acha Joseph Odama. Assessment of the Socioeconomic Impact of Covid-19 Pandemic on Small and Medium Scale Business Enterprises: Nigerian Youths in Perspective. J. World Econ. Res. 2021, 10(1), 18-27. doi: 10.11648/j.jwer.20211001.13

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AMA Style

Eneji Chris-Valentine Ogar, Ajor Joseph Okuta, Eneyo Eyo Okon, Acha Joseph Odama. Assessment of the Socioeconomic Impact of Covid-19 Pandemic on Small and Medium Scale Business Enterprises: Nigerian Youths in Perspective. J World Econ Res. 2021;10(1):18-27. doi: 10.11648/j.jwer.20211001.13

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@article{10.11648/j.jwer.20211001.13,
  author = {Eneji Chris-Valentine Ogar and Ajor Joseph Okuta and Eneyo Eyo Okon and Acha Joseph Odama},
  title = {Assessment of the Socioeconomic Impact of Covid-19 Pandemic on Small and Medium Scale Business Enterprises: Nigerian Youths in Perspective},
  journal = {Journal of World Economic Research},
  volume = {10},
  number = {1},
  pages = {18-27},
  doi = {10.11648/j.jwer.20211001.13},
  url = {https://doi.org/10.11648/j.jwer.20211001.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jwer.20211001.13},
  abstract = {This study is designed to assess the socioeconomic effects of covid-19 pandemic on small and medium scale business enterprises’ sustainability, with focus on Nigerian youths. Three research questions were raised and a null hypothesis was formulated to guide the study. The survey inferential research design was adopted, the study population are the Nigerian youths engaged in small and medium scale business enterprises across the 36 states of Nigeria. Using the multistage random sampling and accidental/purposeful techniques, a sample of 6000 respondents were selected for the study. The researchers designed structured questionnaire divided into three sections to cover the three questions raised was used for data collection. The administration of the instrument was done within eight weeks. Data was analyzed using simple percentage and Pearson Product Moment Correlation Analysis to test the null hypothesis. The result shows that 25 small and medium scale business enterprises were categorized and used for the study, out of the 6000 respondents used for the study, 3791 respondents (63.2%) were males, while 2209 (36.8%) were female entrepreneurs. The result further identified 14 ways the covid-19 pandemic affected the socioeconomic activities of small and medium scale business enterprises among the youths. The result of the correlation analysis yielded a calculated r-value of 0.688 and a table value of 0.176 at 0.05 significance level and a degree of freedom of 5998, indicating that Covid-19 pandemic has significant effects on SMEs’ sustainability in Nigeria. Based on this, it was concluded that the covid-19 pandemic has caused very severe significant effects on small and medium scale business enterprises, the major players in this sector are the youths, hence covid-19 pandemic has dealt a devastating effect on SMEs. It is therefore recommended among others that there should be the strict observation of all preventive -control protocols as prescribed by the agencies concerned in Nigeria and world over. It was further recommended that government and other agencies can make palliative capitals as soft loans for those whose businesses were badly affected to start all over again or continue from where they stopped.},
 year = {2021}
}

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TY  - JOUR
T1  - Assessment of the Socioeconomic Impact of Covid-19 Pandemic on Small and Medium Scale Business Enterprises: Nigerian Youths in Perspective
AU  - Eneji Chris-Valentine Ogar
AU  - Ajor Joseph Okuta
AU  - Eneyo Eyo Okon
AU  - Acha Joseph Odama
Y1  - 2021/02/10
PY  - 2021
N1  - https://doi.org/10.11648/j.jwer.20211001.13
DO  - 10.11648/j.jwer.20211001.13
T2  - Journal of World Economic Research
JF  - Journal of World Economic Research
JO  - Journal of World Economic Research
SP  - 18
EP  - 27
PB  - Science Publishing Group
SN  - 2328-7748
UR  - https://doi.org/10.11648/j.jwer.20211001.13
AB  - This study is designed to assess the socioeconomic effects of covid-19 pandemic on small and medium scale business enterprises’ sustainability, with focus on Nigerian youths. Three research questions were raised and a null hypothesis was formulated to guide the study. The survey inferential research design was adopted, the study population are the Nigerian youths engaged in small and medium scale business enterprises across the 36 states of Nigeria. Using the multistage random sampling and accidental/purposeful techniques, a sample of 6000 respondents were selected for the study. The researchers designed structured questionnaire divided into three sections to cover the three questions raised was used for data collection. The administration of the instrument was done within eight weeks. Data was analyzed using simple percentage and Pearson Product Moment Correlation Analysis to test the null hypothesis. The result shows that 25 small and medium scale business enterprises were categorized and used for the study, out of the 6000 respondents used for the study, 3791 respondents (63.2%) were males, while 2209 (36.8%) were female entrepreneurs. The result further identified 14 ways the covid-19 pandemic affected the socioeconomic activities of small and medium scale business enterprises among the youths. The result of the correlation analysis yielded a calculated r-value of 0.688 and a table value of 0.176 at 0.05 significance level and a degree of freedom of 5998, indicating that Covid-19 pandemic has significant effects on SMEs’ sustainability in Nigeria. Based on this, it was concluded that the covid-19 pandemic has caused very severe significant effects on small and medium scale business enterprises, the major players in this sector are the youths, hence covid-19 pandemic has dealt a devastating effect on SMEs. It is therefore recommended among others that there should be the strict observation of all preventive -control protocols as prescribed by the agencies concerned in Nigeria and world over. It was further recommended that government and other agencies can make palliative capitals as soft loans for those whose businesses were badly affected to start all over again or continue from where they stopped.
VL  - 10
IS  - 1
ER  -

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Author Information

Eneji Chris-Valentine Ogar

Department of Environmental Education, Faculty of Education, University of Calabar, Calabar, Nigeria
Ajor Joseph Okuta

Department of History and International Studies, Faculty of Arts, University of Calabar, Calabar, Nigeria
Eneyo Eyo Okon

Department of Environmental Education, Faculty of Education, University of Calabar, Calabar, Nigeria
Acha Joseph Odama

Department of Continuing Education and Development Studies, Faculty of Education, University of Calabar, Calabar, Nigeria

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Eneji Chris-Valentine Ogar, Ajor Joseph Okuta, Eneyo Eyo Okon, Acha Joseph Odama. (2021). Assessment of the Socioeconomic Impact of Covid-19 Pandemic on Small and Medium Scale Business Enterprises: Nigerian Youths in Perspective. Journal of World Economic Research, 10(1), 18-27. https://doi.org/10.11648/j.jwer.20211001.13

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ACS Style

Eneji Chris-Valentine Ogar; Ajor Joseph Okuta; Eneyo Eyo Okon; Acha Joseph Odama. Assessment of the Socioeconomic Impact of Covid-19 Pandemic on Small and Medium Scale Business Enterprises: Nigerian Youths in Perspective. J. World Econ. Res. 2021, 10(1), 18-27. doi: 10.11648/j.jwer.20211001.13

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AMA Style

Eneji Chris-Valentine Ogar, Ajor Joseph Okuta, Eneyo Eyo Okon, Acha Joseph Odama. Assessment of the Socioeconomic Impact of Covid-19 Pandemic on Small and Medium Scale Business Enterprises: Nigerian Youths in Perspective. J World Econ Res. 2021;10(1):18-27. doi: 10.11648/j.jwer.20211001.13

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@article{10.11648/j.jwer.20211001.13,
  author = {Eneji Chris-Valentine Ogar and Ajor Joseph Okuta and Eneyo Eyo Okon and Acha Joseph Odama},
  title = {Assessment of the Socioeconomic Impact of Covid-19 Pandemic on Small and Medium Scale Business Enterprises: Nigerian Youths in Perspective},
  journal = {Journal of World Economic Research},
  volume = {10},
  number = {1},
  pages = {18-27},
  doi = {10.11648/j.jwer.20211001.13},
  url = {https://doi.org/10.11648/j.jwer.20211001.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jwer.20211001.13},
  abstract = {This study is designed to assess the socioeconomic effects of covid-19 pandemic on small and medium scale business enterprises’ sustainability, with focus on Nigerian youths. Three research questions were raised and a null hypothesis was formulated to guide the study. The survey inferential research design was adopted, the study population are the Nigerian youths engaged in small and medium scale business enterprises across the 36 states of Nigeria. Using the multistage random sampling and accidental/purposeful techniques, a sample of 6000 respondents were selected for the study. The researchers designed structured questionnaire divided into three sections to cover the three questions raised was used for data collection. The administration of the instrument was done within eight weeks. Data was analyzed using simple percentage and Pearson Product Moment Correlation Analysis to test the null hypothesis. The result shows that 25 small and medium scale business enterprises were categorized and used for the study, out of the 6000 respondents used for the study, 3791 respondents (63.2%) were males, while 2209 (36.8%) were female entrepreneurs. The result further identified 14 ways the covid-19 pandemic affected the socioeconomic activities of small and medium scale business enterprises among the youths. The result of the correlation analysis yielded a calculated r-value of 0.688 and a table value of 0.176 at 0.05 significance level and a degree of freedom of 5998, indicating that Covid-19 pandemic has significant effects on SMEs’ sustainability in Nigeria. Based on this, it was concluded that the covid-19 pandemic has caused very severe significant effects on small and medium scale business enterprises, the major players in this sector are the youths, hence covid-19 pandemic has dealt a devastating effect on SMEs. It is therefore recommended among others that there should be the strict observation of all preventive -control protocols as prescribed by the agencies concerned in Nigeria and world over. It was further recommended that government and other agencies can make palliative capitals as soft loans for those whose businesses were badly affected to start all over again or continue from where they stopped.},
 year = {2021}
}

Copy | Download

TY  - JOUR
T1  - Assessment of the Socioeconomic Impact of Covid-19 Pandemic on Small and Medium Scale Business Enterprises: Nigerian Youths in Perspective
AU  - Eneji Chris-Valentine Ogar
AU  - Ajor Joseph Okuta
AU  - Eneyo Eyo Okon
AU  - Acha Joseph Odama
Y1  - 2021/02/10
PY  - 2021
N1  - https://doi.org/10.11648/j.jwer.20211001.13
DO  - 10.11648/j.jwer.20211001.13
T2  - Journal of World Economic Research
JF  - Journal of World Economic Research
JO  - Journal of World Economic Research
SP  - 18
EP  - 27
PB  - Science Publishing Group
SN  - 2328-7748
UR  - https://doi.org/10.11648/j.jwer.20211001.13
AB  - This study is designed to assess the socioeconomic effects of covid-19 pandemic on small and medium scale business enterprises’ sustainability, with focus on Nigerian youths. Three research questions were raised and a null hypothesis was formulated to guide the study. The survey inferential research design was adopted, the study population are the Nigerian youths engaged in small and medium scale business enterprises across the 36 states of Nigeria. Using the multistage random sampling and accidental/purposeful techniques, a sample of 6000 respondents were selected for the study. The researchers designed structured questionnaire divided into three sections to cover the three questions raised was used for data collection. The administration of the instrument was done within eight weeks. Data was analyzed using simple percentage and Pearson Product Moment Correlation Analysis to test the null hypothesis. The result shows that 25 small and medium scale business enterprises were categorized and used for the study, out of the 6000 respondents used for the study, 3791 respondents (63.2%) were males, while 2209 (36.8%) were female entrepreneurs. The result further identified 14 ways the covid-19 pandemic affected the socioeconomic activities of small and medium scale business enterprises among the youths. The result of the correlation analysis yielded a calculated r-value of 0.688 and a table value of 0.176 at 0.05 significance level and a degree of freedom of 5998, indicating that Covid-19 pandemic has significant effects on SMEs’ sustainability in Nigeria. Based on this, it was concluded that the covid-19 pandemic has caused very severe significant effects on small and medium scale business enterprises, the major players in this sector are the youths, hence covid-19 pandemic has dealt a devastating effect on SMEs. It is therefore recommended among others that there should be the strict observation of all preventive -control protocols as prescribed by the agencies concerned in Nigeria and world over. It was further recommended that government and other agencies can make palliative capitals as soft loans for those whose businesses were badly affected to start all over again or continue from where they stopped.
VL  - 10
IS  - 1
ER  -

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