Enhancement of Small-Scale Businesses in Post-COVID era through Cooperatives in Nigeria

Abstract

Small-scale businesses are the mainstay of the Nigerian economy and the Covid-19 pandemic that is ravaging the world did not leave this sector untouched. As a result of the devastating effect of measures adopted in curbing the spread of the virus, many small businesses appear to be grappling to find their bearing. Hence, this paper examined the enhancement of small-scale businesses in the Post-Covid-19 era through cooperatives in Nigeria and seeks to establish that cooperatives remain the only essentialist and mutual option for small-scale businesses to remain relevant in a turbulent environment. The ex-post factor study revealed that many small businesses in Nigeria were badly hit by the pandemic and emerging from the aftermath of the virus has not been easy. The paper also indicated that institutional formations like cooperative societies can only help to salvage the plight of small business owners and equally has the capacity to revamp the sector. The paper concluded that the support small businesses might need to revive their business lie within cooperatives and only active involvement can enable proof. The paper, therefore, recommended among others that small business owners should endeavour to join or form cooperative societies and be active in the patronage of cooperatives services. This is because cooperative societies have been proven to have the capacity to empower and revive dying businesses. The government should be made to understand the capacity of cooperatives in economic development and adequately partner with them in incorporating small businesses into cooperative societies.