EFFECT OF COVID-19 PANDEMIC ON FINANCIAL PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES (SMES) IN YOLA SOUTH, ADAMAWA STATE, NIGERIA
Abstract
The study investigates the effect of the COVID-19 pandemic on the financial performance of Small and Medium Enterprises (SMEs) in Yola South, Adamawa State, Nigeria. SMEs play a vital role in economic growth, employment generation, and poverty reduction. However, the pandemic disrupted economic activities globally, significantly affecting SMEs. The study adopts a survey research design using primary and secondary data collected through questionnaires and financial records. A sample of 190 SMEs was selected using simple random sampling. Data were analyzed using Chi-square and Analysis of Variance (ANOVA). Findings reveal that COVID-19 negatively affected SMEs’ performance, leading to reduced profitability, decline in sales, and increased unemployment. The study concludes that the pandemic significantly impacted ROA, ROE, and ROI of SMEs and recommends strategic government support and resilience planning.
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