Impact of COVID-19 on Nigerian MSMEs
To better understand the impact of COVID-19 on businesses in Nigeria, FATE Foundation in partnership with BudgIT Nigeria developed and disseminated a survey across Nigeria with the aim of driving ecosystem stakeholder engagement around the implementation of urgent interventions and solutions to enable businesses to thrive during and post COVID-19.
This report which details analysis of responses from 1,943 Micro, Small and Medium Enterprises (MSMEs) across the 36 states in Nigeria including the FCT shows that an overwhelming 94.3% of businesses surveyed reported being negatively impacted by the pandemic particularly in the areas of Cashflow, Sales and Revenue. The report also shows that despite the negative impacts of the pandemic, about 47% of the respondents were positive that their businesses will survive the pandemic. 30% of the respondents however reported that their businesses will not survive while about 22% were unsure their businesses will survive.
Financially, a good number of th