THE COVID-19 PANDEMIC AND SMALL ENTERPRISE RESILIENCE: MATTERS ARISING

Abstract

This issue of the Unizik Journal of Business features five articles touching on two important topics. The first is about “building back better,” in the aftermath (a hopeful choice of words) of the Covid-19 pandemic and its negative impact on the lives and livelihoods of not just Nigeria and Africa (Igwe, Madichie & Newbery, 2019), but globally. The second element has to do with the precarity in the informal sector (Madichie, Gbadamosi and Rwelamila, 2021) – notably the micro, small and medium-sized enterprises (i.e., MSMEs). Before delving into these contributions, however, it is persuasive to set the tone with with a review of a recent United Nations Conference on Trade and Development (UNCTAD) Economic Development Report in Africa 2021. The report entitled “Reaping the Potential Benefits of the African Continental Free Trade Area for inclusive growth,” – spans across five chapters (plus an introduction) – collectively highlighting the need for inclusive growth in Africa. It also touches on other pertinent issues ranging from People, Informality and Inclusivity; Shared Prosperity through the African Continental Free Trade Agreement (AFCFTA); and the need for an integrated framework and cost-efficient trade measures. A cursory review of the report highlights some consistency with most other policy reports on the developments orchestrated by the launch of AFCFTA. Indeed, the UNCTAD report is upbeat on AFCTA being a game changer for the development ambitions in Africa. As the report points out, AFCTFA arrives at a crucial time, marked by the increased poverty levels and socioeconomic setbacks African countries have experienced due to the coronavirus pandemic, and its related financial, climatic and food-related shocks. The launch of AFCFTA, thus presents “a unique opportunity to promote inclusive growth and accelerate the achievement of the post-pandemic recovery, the 2030 Agenda for Sustainable Development and Agenda 2063 of the African Union.” Further inspection of the Economic Development in Africa Report 2021 outlines the objectives of AFCFTA as a platform to “promote and attain sustainable and inclusive socioeconomic development, gender equality and structural transformation of the State Parties” (UNCTAD, 2021, p. xii). By the same token, the report also acknowledges outstanding issues such as the “urgent need to have a better understanding of how AFCFTA can best achieve this.” The rationale for this caution is predicated upon “the significant challenges faced on the continent and the increasing levels of inequality both between and within countries.”