Impact of Covid-19 on Financial Institutions, Small Business and Micro-Entrepreneurs in Nigeria

Abstract

This study examined the impact of covid-19 on the financial institutions, small businesses and micro-entrepreneurs in Nigeria. The study used the narrative-textual case study (NTCS) method employing both descriptive and explanatory approaches. The study relied on text contents and official statistics for the purpose of analysis. The study found that Covid-19 had negative impact on small businesses and micro-entrepreneurs due to lockdown measures adopted to stop the spread of the virus, countries came up with multiple measures to cope and minimize the negative effects of the disease. Nigeria like many other countries, adopted monetary, fiscal, public and human control measures to manage the scourge of the covid-19 pandemic. The study found that,
globally the stock market was negatively affected. In the United States of America, the S&P 500, which measures the performance of stocks of 500 large companies, the NASDAQ and Dow Jones Industrial average fell woefully. Germany’s DAX and United Kingdom’s FTSE 100 also dropped in March, 2020. The study concluded that the Nigerian Capital Market was not significantly
affected. The Lockdown measures however, affected the economic activities and the banking activities in Nigeria. The study, therefore recommends that lockdown measure should be lifted, and citizens be advised to embark on strict adherence to personal hygiene and use of protective devices.