SURVIVAL STRATEGIES FOR CONSTRUCTION MICRO SMALL AND MEDIUM ENTERPRISES DURING COVID-19 PANDEMIC IN ABUJA, NIGERIA

Abstract

Most construction Micro Small and Medium enterprises (MSMEs) could not survive and keep the wheels turning during the Covid-19 lockdown period and the impact of the starts up was a way more brutal as they have scarcer cash reserves with a smaller margin for managing sudden slumps. This study assessed the survival strategies for construction MSMEs during Covid-19 Pandemic in Abuja, Nigeria. The research employed the survey design approach using quantitative method. A total of 120 structured questionnaires were administered to Chief Executive Officers (CEOs) of the construction Micro, Small and Medium enterprises operating in the FCT on issues relating to survival strategies for construction MSMEs during Covid-19 pandemic in Nigeria. The collected data was analysed using Relative Importance Index. The study found that creation and adoption of E-commerce system by construction MSMEs during pandemic, financial broadening of MSMEs by the government, creation of interactive forums by government with owners/managers on the way forward for construction MSMEs, and sound marketing strategies to enhance smooth and profitable business operations during pandemic were the key survival strategies for construction MSMEs during Covid-19 pandemic. Based on these findings, it can be concluded that creation and adoption of new strategies (like, E-commerce system/E-business relationships) by the construction MSMEs and constant deliberations and interactive forums with the government and the construction MSMEs key players on the way forward would translate into drastic reduction in the failure of MSMEs during covid-19 pandemic.