THE EFFECT OF CORONA VIRUS ON THE SOCIO ECONOMIC DEVELOPMENT IN NIGERIA

Abstract
This study investigates the socio-economic effects of the COVID-19 pandemic on Nigeria’s development. The global Corona virus pandemic is the latest health disaster in the 21st century. The disease originated from the Wuhan province of China in December 2019 and has spread to numerous countries of the world including Nigeria. The study is anchored on the Linkage theory which helps to explain the implication of the pandemic on Nigeria’s security. The study employs the qualitative method, utilises the case study research design and relies on secondary data as drawn from books, book chapters, academic journals, newspapers and online sources. Findings of the study highlight that the pandemic has resulted in increase in unemployment, reduced revenues and increased crime rates. Consequently, the study recommends that palliatives measures should be adopted by the government to cushion the effects of the pandemic for organisations, businesses and individuals, especially the unemployed. In addition, government should intensify security measures to reduce and prevent crimes in Nigeria.

CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The World Health Organization (WHO)’s March 11 recognition of COVID-19 as a global pandemic has removed any doubt about the threat that the virus poses to every country in the world. The virus has now been detected in 152 countries, with more than 180,000 infected and more than 7,000 killed. Though Africa remains one of the regions with the fewest cases, the number of countries affected has increased over the past week. As of this writing, nearly 450 cases have been reported in 30 countries, concentrated in northern Africa and South Africa, with 10 deaths reported.

The Corona virus pandemic is the latest threat to health today. The disease emanated from the Wuhang province of China in December 2019 when it was revealed that those affected showed symptoms of Acute Respiratory Distress Syndrome among other complications (Chen, Zhou, Dong, Qu, Gong, Han, Qju, Wang, Liu, Wei, Xia, Yu, Zhang & Zhang, 2020). Hui, Azhar, Madani, Ntoumi, Koxk, Dar, Ippolito, McHugh, Memish, Drosten, Zumla & Memish (2020) point out that people contracted the disease through the consumption of live animals. At the initial stages, the virus had infected 300 people and caused the deaths of six in Wuhang (Baker, 2020). This number keep on increasing as many more people contracted the disease.

Currently, the virus had spread all over the world with 2,259,705 global confirmed cases, 154,422 deaths and recovered cases totalled 578,359 (World Health Organisation 2020). Countries most affected by the pandemic include the United States, Italy, Spain, the United Kingdom, France, Netherlands, Iran, South Korea, Malaysia, Thailand, among others (Davidson, 2020; Vara, 2020).

Retrospectively, the world has witnessed health crisis, ranging from malaria, tuberculosis (TB), hepatitis, cholera, lymphatic filariasis, mad cow diseases, Human Immunodeficiency Virus (HIV) which leads to Acquired Immune Deficiency Syndrome (AIDS), Ebola and the swine flu (HINI), among other severe diseases. Of all, the Swine flu (HINI) almost parallel COVID-19 in terms of spread and severity. The Swine virus was first detected in Mexico in June 2009 and was declared a global pandemic by the World Health Organization (WHO). The World Health Organisation (WHO) estimated that over 168 countries were affected by the Swine Flu (HINI) (Charles & Shannon, 2011).

Covid-19 pandemic has a far reaching economic impact on the world economy generally. Demertzis, Sapir, Tagliapietra & Wolff (2020) point out the volatility of the global economic scene as it is currently has not been witnessed since 2008 during the global financial crisis. Tourist centres such as France, Italy witnessed 30 to 80 percent fall in the number of tourists visiting the countries. In response to the issue, the World Health Organisation (WHO) on the 11th of March 2020 declared the coronavirus public health crisis a pandemic due to number of infected persons and the resultant deaths (World Health Organisation, 2020). Social constraints also accompany the pandemic. Widespread fear welcomed the pandemic along with reduction in social-activities. Lockdowns were imposed in different countries, in order to restrict social activities and movements (Evans, 2020).

African countries are not immune from the COVID-19 pandemic and its varying implications. Countries such as South Africa, Algeria, Senegal, Nigeria, Ghana, Central African Republic, Congo and many more have recorded incidents of the coronavirus pandemic. While this is so, few studies have examined the implications of the pandemic. Evans (2020) investigates the global socio-economic imports of the coronavirus with a view of proffering policy solutions. From another perspective, the United Nations Conference on Trade and Development (2020) considers the impact of the coronavirus pandemic on global trade. While these studies abound, no study investigates the socio-economic implications of the COVID-19 pandemic on Nigeria’s development. In line with this gap, this study sets out to investigate the socio-economic implications of the coronavirus pandemic on Nigeria’s development.

Many African countries have relatively weak health care systems, proactive measures to prevent the spread of the virus will be critical. Countries should step up campaigns to educate the public on best practices, including promoting good hygiene and social distancing, discouraging large public gatherings, and encouraging employers to protect the jobs of employees who require quarantine or treatment. Campaigns should elicit the help of religious and civil society leaders for maximum effect.

“It is unavoidable that the novel coronavirus epidemic will have a considerable impact on the economy and society” – China’s president Xi Jinping, televised address, February 23, 2020. “The spread of the new coronavirus is a public health crisis that could pose a serious risk to the macro economy through the halt in production activities, interruptions of people’s movement and cut-off of supply chains” – Japanese Finance Minister Taro Aso. G20 gathering in Riyadh, Saudi Arabia, February 24, 2020. “Honda Motor Co. will reduce vehicle output at two of its domestic plants in Saitama Prefecture for a week or so in March due to concerns about parts supply from China where a new coronavirus outbreak continues to disrupt economic activities” – Honda spokesperson, March 3, 2020. Besides its worrying effects on human life, the novel strain of coronavirus (COVID-19) has the potential to significantly slowdown not only the Chinese economy but also the global economy. China has become the central manufacturing hub of many global business operations. Any disruption of China’s output is expected to have repercussions elsewhere through regional and global value chains. Indeed, most recent data from China indicate a substantial decline in output. China Manufacturing Purchasing Manager’s Index (PMI), a critical production index, fell by about 22 points in February. This index is highly correlated with exports and such a decline implies a reduction in exports of about 2 percent on an annualized basis. In other words, the drop observed in February spread over the year is equivalent to -2 percent of the supply of intermediate goods. Indicators on shipping also suggest a reduction in Chinese exports for the month of February. Container vessel departures from Shanghai were substantially lower in the first half of February with an increase in the second half. However, the Shanghai Containerized Freight Index continues its decline thus indicating excess shipping capacity and lower demand for container vessels.

The case is also the same in Nigeria, the Corona virus disease (COVID-19) outbreak has put everything on hold in the country. The total figures of corona virus patients in Nigeria have risen to 12 after four new cases were confirmed in Lagos State on Thursday.

Lagos State health commissioner Akin Abayomi announced the new cases in Ikeja during a press conference. Abayomi disclosed that 14 people were tested but four tested positive for the coronavirus adding that one of the new index cases had contact with the third confirmed case in Nigeria. The commissioner said one of the patients, a Nigerian female, came into Lagos on Saturday, March 14, 2020, in a Turkish airline TK1830. A Nigerian man in his 50s who never travelled anywhere is among the new four cases, Abayomi said. He said the last patient is a Nigerian male who arrived the country in a Lufthansa (airline) LH568 on Friday, March 13, 2020. Abayomi said the patients have been isolated for treatment at the Infectious Disease Hospital, Yaba, Lagos. The commissioner, however, said more tests are being carried as there is a “combination of imported cases and local transmission. The Executive of Lagos State is meeting on the next stage of social distancing. “The best way to slow the rate is to halt the movement of the virus from person to person,” Abayomi said. “Currently, we are following over 1,300 people right now to find information about the state of their health and the number is increasing.” He appealed to people on the two flights to self-isolate themselves and contact the government.

1.2 STATEMENT OF THE PROBLEM
The outbreak of corona virus disease (COVID-19) pandemic in Nigeria has increase the level of tension and anxiety among citizens in the country. The virus unlike other cases we have had in this country is highly transmittable with severe signs and symptoms. The outbreak of corona virus disease (COVID-19) might have effect on the Nigeria economy through low imports and exports in the country, poor tourism remittance and commodity price rate in Nigeria. Lastly there have been studies on corona virus disease (COVID-19) but not even a single study is based on the effect of corona virus (COVID-19) on the Nigeria economy; hence a need for the study.

1.3 Research question
1. What is the level of covid 19 spread in Nigeria?

2. What are the effects of covid 19 on the different sectors of the Nigerian economy?

3. What are the measures taken to determine the measures adopted by the Nigerian government to deal with the outbreak, and the strong measures to curb future pandemic in Nigeria?

1.4 Research objectives
The overall objectives of this study is to examine the impact of covid 19 on the Nigerian economy.

Specific objectives:
1. To determine the level of covid 19 spread in Nigeria.

2. To determine effects of covid 19 on the different sectors of the Nigerian economy.

3. To determine the measure adopted by the Nigerian government to deal with the outbreak, and the strong measures to curb future pandemic in Nigeria.

1.5 Study hypothesis
The study hypothesis is:

Ho1. There is no significant implication of Covid 19 pandemic on business operation in Nigeria.

Ho2. There is no significant implication of Covid 19 pandemic on business profits in Nigeria.

1.6 SIGNIFICANCE OF THE STUDY
The study on the effect of corona virus disease (COVID-19) on the Nigeria economy will be of immense benefit to all the Nigeria citizens, the health sector, and the federal government of Nigeria. The study will explore the prevalence of corona virus disease (COVID-19), the causes, and the effect of the corona virus disease (COVID-19) the Nigeria economy. The study will educate the masses on the mode of transmission of the corona virus disease (COVID-19) and the preventive measures to be adopted. The study will educate the Nigeria government on the policy implementation to curb the prevalence of the corona virus disease (COVID-19) and how to improve the Nigeria economy during this period. The study will serve as a repository of information to other researchers that desire to carry out similar research on the above topic. Finally, the study will contribute to the body of the existing literature on the effect of corona virus disease (COVID-19) on the Nigeria economy

1.7 SCOPE OF THE STUDY
The study will cover on the effect of corona virus disease (COVID-19) on the Nigeria economy

1.8 LIMITATION OF THE STUDY
Financial constraint– Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview). Time constraint– The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

For more Economics Projects Click here
===================================================================
Item Type: Project Material  |  Attribute: 59 pages  |  Chapters: 1-5
Format: MS Word  |  Price: N3,000  |  Delivery: Within 30Mins.
===================================================================

Share:

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.

Search for your topic here

See full list of Project Topics under your Department Here!

Featured Post

HOW TO WRITE A RESEARCH HYPOTHESIS

A hypothesis is a description of a pattern in nature or an explanation about some real-world phenomenon that can be tested through observ...

Popular Posts