Entrepreneurship and Small Scale Businesses in the Era of Coronavirus Pandemic in Oyo State, Nigeria

Abstract

This paper focuses on Coronavirus Disease (commonly referred to as COVID-19) and entrepreneurship, and small scale businesses in Oyo State, Nigeria. Due to the grave consequences emanating from the outbreak of COVID-19, a lot of studies were conducted by scholars of different shades of life to find out ways of mitigating the effects of the virus.  However, most of these studies were full of generalizations since some of them centre on the entire world, others on the whole of Africa, and Nigeria thereby lacking in-depth analysis of issues. This study thus limits itself to discussing the challenges impeding entrepreneurship and small scale businesses as a result of the pandemic, with a specific focus on Oyo State. To accomplish this task, the paper attempts an analysis of the phenomena under consideration with the use of social distance theory. The study adopts interdisciplinary methodology, in line with the use of primary, secondary and tertiary sources; employing analytical and empirical tools in the course of investigation and analysis of the subject. It espouses the plethora of challenges faced by the entrepreneurs and operators of small scale business in the area under consideration. These challenges range from low patronage, closure of businesses, restrictions of movements, the paucity of funds, and loan default, among others. The paper reveals the roles of the Federal Government of Nigeria (FGN) through Oyo State Government in mitigating the challenges associated with this class of businessmen and the COVID-19 victims in the state generally. The study concludes that the efforts made at resuscitating the businesses under review are marginally felt; since many business owners did not benefit from any palliative. In this wise, the paper recommends amongst others social distancing and strict monitoring of the accurate distribution of COVID-19 palliatives to mitigate the negative effects of the pandemic on entrepreneurship and small scale businesses.

Keywords: Entrepreneurship, Small Scale Business, Coronavirus Pandemic, and Oyo State.