Strategic Navigation in the Eye of the Storm: A Resilience Framework for Nigerian SMEs post-reform

International audience This qualitative study investigates the lived experiences and strategic adaptations of SME owners navigating the turbulent landscape of the 2023 dual macroeconomic shocks in Nigeria caused by the sudden elimination of the gasoline subsidy and the consolidation of foreign exchange (FX) rates, which constitute a significant structural disruption. Although intended to enhance long-term budgetary stability and market efficiency, these reforms have triggered a severe crisis for small and medium enterprises (SMEs), which are fundamental to the national economy. Analysis of twenty-five comprehensive interviews with SME proprietors in Lagos, Abuja, and Port Harcourt reveals a multifaceted shock characterized by escalating operational expenses, disrupted supply chains, and diminished consumer demand. A tripartite resilience framework is proposed: (1) Internal Fortification through cost optimization, local sourcing, and renewable energy; (2) Market and Financial Agility via dynamic pricing, revenue diversification, and digitalization; and (3) the essential, yet predominantly lacking, layer of Supportive External Enablers from government and financial institutions. The study concludes that the changes, although a driver for essential SME restructuring, present an existential threat in the absence of coordinated, accessible, and coherent policy assistance. The research proposes a context-specific paradigm, built on empirical evidence, that connects internal strategic actions with external institutional demands for the survival and growth of SMEs in unstable emerging economies.