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

In: Corporate Risk Management after the COVID-19 Crisis

Author

Listed:
  • Ignatius Ekanem
  • Dolapo Lawrence

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.

Suggested Citation

  • Ignatius Ekanem & Dolapo Lawrence, 2023. "The Impact of COVID-19 Crisis on SMEs and Their Risk Management and Survival Strategies: Evidence from Nigeria," World Scientific Book Chapters, in: Suman Lodh & Monomita Nandy (ed.), Corporate Risk Management after the COVID-19 Crisis, chapter 5, pages 121-152, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781800614239_0005
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