Small and Medium Scale Businesses Performance in the New Normal (Post-COVID): Evidence from Oyo State

Abstract

The study examines the effect of the post-COVID-19 environment on the performance of small and medium-scale businesses in Oyo State. The study considered both financial and non-financial performance while a survey research design was adopted for the study. Primary data was gathered through a questionnaire administered online to owners of small and medium-scale businesses in Oyo State, Nigeria. Data was analyzed using descriptive statistics, ANOVA, and Multivariate Analysis of Variance and Covariance (MANOVA) to test formulated hypotheses. The finding of the study is that there is a positive and significant effect of the improved post COVID-19 environment by government and all stakeholders which lead to improved financial and non-financial performance of sampled small and medium-scale businesses. The study concludes that the post-COVID-19 environment has a positive and significant effect on the financial and non-financial performances of small and medium-scale businesses in Oyo State. It recommends that the government should continue to provide all the necessary governance and public administrative precautions that will mitigate pandemics in the environment in order to improve the productivity and increase the revenue of small and medium-scale businesses, which will eventually boost economic growth and development.