Effect of Covid-19 Lock Down on Performance of Small and Medium Enterprise in Osun State Nigeria

Abstract

The study critically examined the effect that lockdown as one of the preventative measures to dock the spread of coronavirus on the performance of the small and medium enterprises in Nigeria with an emphasis on Osun State in the southwest of the nation. The report of NCDC shows that Osun State is the third state affected after Lagos and Oyo and in which they also have a good number of SMEs that sustained the economy. The study espoused a check exploration design using a structured questionnaire to gather applicable information from the registered SMEs in Osun State. The population for the study was 3,007 registered SMEs in Osun State which represents 4.1 of total SMEs in South- Western Nigeria. A sample size of 353 SMEs was attained through the use of Taro Yamene (1967). Thus a simple arbitrary sampling fashion was used to elect the repliers across the state. Osun state was chosen because it's one of the countries with the highest number of SMEs in South Western Nigeria and one of the countries that were on total lockdown of both vehicular and mortal movement when the cases of the epidemic were on the high side. The study shows that lockdown has a significant effect on the performance of SMEs in South Western Nigeria in particular, Osun State. From the estimated model in Table 2, it showed that the measure of determination for the retrogression as depicted by the R2 value of.013 suggests that about1.3 percent of the methodical variation of the dependent variable is reckoned for by the explicatory variables. The remaining 98.7 percent is caused by variables that aren't included in the model, which is reckoned for by the stochastic error term.