EFFECT OF COVID’19 ON THE PERFORMANCE OF FOOD, BEVERAGE AND TOBACCO MANUFACTURING FIRMS IN SOUTH EAST, NIGERIA

Abstract

The study was on the effect of Covid’19 on the performance of manufacturing firms in South East, Nigeria. The specific objectives were to; examine the effect of Covid’19 recession on the return on investment of food, beverage and tobacco manufacturing firms in South East, Nigeria, evaluate the effect of Covid’19 price of goods on the return on equity of food, beverage and tobacco manufacturing firms in South East, Nigeria and ascertain the effect of Covid’19 inflation on the return on assets of food, beverage and tobacco manufacturing firms in South East, Nigeria. The study used the descriptive survey approach. The primary source of data was used.  The administration of questionnaire was utilized. A population of 2,125 and 367 staff of sample size was used using Yamane (1967) formula.  Data was presented and analyzed by mean score (3.0 and above a greed while below 3.0 disagreed) and standard deviation using Sprint Likert Scale. The hypotheses were analyzed using t- test statistics tool.  The findings indicated that Covid’19 recession had negative effect on the return on investment, t (95,n= 252), 1.607 < 2.914, p<.05). Covid’19 price of goods had negative effect on the return on equity, t ( 95,n=252), 1.390 < 3.778, p<.05).  Covid’19 inflation had negative effect on the return on assets of food, beverage and tobacco manufacturing firms in South East, Nigeria Z ( 95,n=252), 1.351 < 2.168, p<.05).  The study concluded that Covid’19 recession, price of goods and inflation had negative effect on the return on investment, return on equity and return on assets.  The study recommended that the manufacturing firms must be flexible and be at alert in taking the right decisions on the engagement of the employees in the quickest possible times as they respond to the impact of this pandemic.