Economic Crisis Management During the COVID-19 Pandemic: The Role of Entrepreneurship for Improving the Nigerian Mono-Economy

Abstract

The study develops a crisis response theory that could help Nigeria sustain itself in the present crisis, which is deepening unemployment, poverty, and misery due to the tremendous economic crisis it faced after the global pandemic. Entrepreneurship is viewed as a pivotal engine for reinstating the declining economic state of a country. Through the positivist research approach, the study is conducted on the owners and business executives of SMEs established and operated by entrepreneurs in Nigeria. The data analyzed through surveys, in-depth telephone interviews, and secondary sources shows that Nigeria’s economic instability is mainly because of a lack of financial assistance, industrialization, and technology limitations. Though it was observed that the government reduced certain unfriendly business regulations, corruption still caused funding conditions to shift frequently, and unreliable government policies made it challenging for entrepreneurs to thrive.