International Journal of Research Available at https://edupediapublications.org/journals e-ISSN: 2348-6848 p-ISSN: 2348-795X Volume 07 Issue 09 September 2020 Available online:https://journals.eduindex.org/index.php/ijr Page | 44 Assessment of Covid-19 Impact on Small and Medium Enterprises Okolocha, Chimezie Comfort Department of Technology & Vocational Education Nnamdi Azikiwe University, Awka E-mail: chimezie4gilbert@yahoo.com Okolocha, Chizoba Bonaventure Department of Entrepreneurship Studies Nnamdi Azikiwe University, Awka E-mail: cb.okolocha@unizik.edu.ng Ezejiofor, Raymond Asika Department of Accountancy Nnamdi Azikiwe University, Awka E-mail: thaddray4life@yahoo.com Abstract The coronavirus (COVID-19) is having a tremendous impact on global trade and the businesses that drive it. With countries in various stages of lockdown or loosening confinement periods, it is becoming clear that the pandemic has particularly impacted on small and medium enterprises (SMEs). Based on the available information, it shows that during this pandemic, most of these enterprises found it difficulties to operate, especially with small and medium enterprises where these problems are more serious as a result of the considerable decline in the demand for goods and services. This required SMEs to embark on internet-based platforms services as alternative means of sustaining their business during these critical periods. On this note, tax breaks should be given to all SMEs by the government at all level to sustain the growth of small and medium enterprises. Key words: COVID-19 Pandemic, SMEs and Consequences Introduction Over the years, oil has represented more than 80 percent of exports, 30 percent of banking-sector credit, and 50 percent of general government revenues. A large share of the country‟s non-oil industrial and service sectors also relies on foreign-exchange inflows generated by the oil industry. According World Bank (2020), the protracted slump in global oil prices has reduced