The Impact of COVID-19 Crisis on SMEs and Their Risk Management and Survival Strategies: Evidence from Nigeria

Ignatius Ekanem and Dolapo Lawrence

Chapter 5 in Corporate Risk Management after the COVID-19 Crisis, 2023, pp 121-152 from World Scientific Publishing Co. Pte. Ltd.

Abstract: This study aims to examine the effect of COVID-19 on the small- and medium-sized enterprises (SMEs) in Nigeria and their corporate risk management after the pandemic. The study employed a quantitative methodology to gather information from the SMEs in Nigeria. The findings indicate that Nigerian SMEs experienced the severity of the COVID-19 epidemic, with the majority of the companies surveyed saying that the current coronavirus outbreak had some influence on their firm, such as a reduction in income and the number of employees since the beginning of the pandemic. The findings suggest that conceptualising risk management in SMEs after the COVID-19 crisis within the context of three theories — the Keynesian Theory of Business Cycle, the Social-Ecological Theory, and the Social-Cognitive Theory — holds promise as the theories serve as explanation frameworks.

Keywords: COVID-19; Pandemic; Coronavirus; Small and Medium sized Business; SME; Risk Management; Keynesian Theory of Business Cycle; Social-Ecological Theory; Social Cognitive Theory; Nigeria; EU Artificial Intelligence Act; European Union; Artificial Intelligence; Labour relation; Fintech; Business Model; Economic Growth; Regulators; Policy Makers; Business; Corporate; Finance; AI; T-Shaped Teams; Al Janabi Model; Algorithms; Commodity; Crisis; Liquidity Risk; Internet of Things (IoT); Liquidity-Adjusted Value-at-Risk; Reinforcement Machine Learning; Optimization; Portfolio Management (search for similar items in EconPapers)
JEL-codes: G3 G32 (search for similar items in EconPapers)
Date: 2023
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