The Effect of Corona Virus (Covid-19) on the Nigeria Economy
CHAPTER ONE
Research objectives
The overall objectives of this study is to examine the impact of covid 19 on the Nigerian economy.
Specific objectives:
- To determine the level of covid 19 spread in Nigeria.
- To determine effects of covid 19 on the different sectors of the Nigerian economy.
- To determine the measure adopted by the Nigerian government to deal with the outbreak, and the strong measures to curb future pandemic in Nigeria.
CHAPTER TWO
LITERATURE REVIEW
Pandemic
Dianjun (2019) sees endemic as a generic term for the disease with regional features which is closely related to natural environment, human life and production. It can occur in any country but are mainly distributed in under-developed countries and regions where there are no centralized administrative organization for its prevention and control. Unlike Dianjun, John (2001) sees endemic as constant presence of a particular disease or infectious agent within a geographic area or population. Yang (1998) considered endemic disease as one confined to a certain region. In other words, it is associated with and frequently occurs within certain region. These all means that endemic diseases are region restricted or population restricted but can occur in any country, either developed or under-developed. To Mazyck (1920) endemic diseases comes with low death rate but high sick rate, a large proportion of the community more or less incapacitated for mental and physical work day after day gradually slowing down business and production to a point where economic progress is halted.
Christian (2016) considers epidemic to be an unexpected widespread rise in disease incidence at a given time. According to Mazyck (1920), epidemic break upon community often with little warnings, strike terror into the community, demoralize businesses, reaps the harvests of victims, leaving physicians, nurses and the general public exhausted as well as dumb founded by what just happened. To him, epidemic disease range for a while upon particular group or restricted population and disappears.
CHAPTERย THREE
RESEARCHย METHODOLOGY
Researchย Design
The study used descriptive research design. A descriptive study involves collecting dataย that test the validity of the hypotheses regarding the present status of the subjects of theย study. In this study, the design was used to determine the effects of Covid 19 pandemic whichย was the independent variable on Nigeria economy which was the dependent variable inย thisย study.
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CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS OF RESULTS
ย Demographic Data of respondents
CHAPTER FIVE
DISCUSSION OF FINDINGS, CONCLUSION AND CONCLUSION
Discussion
Three of the respondents stated that they have not been too negatively affected by Covid-19 and have therefore not made any major changes in their business operations and the business environment is almost the same as before. Digitalization is a key factor as to why some of these companies are not being too affected and Buer et al. (2018), explains that digitalization is a core element for creating an effective plan and control in a company. The authors argue that digitalization allows these 3 companies to have all the resources they need to operate as normal as possible during these times, and it allows the employees in the firms to have less human contact but still being able to work, as they can do it through digital channels. These companies being e-commerce further allows them to operate as usual and still have customers during a pandemic, as they donยดt have to think about closing the store or adjust their opening times like physical stores have been forced to during the pandemic and this also relates to Wigand (2006), who stated that electronic commerce has shifted the definition of a company due to the abilities they have. The interaction between a company and customer no longer needs to be physical and they can instead interact trough Business models should be adaptable and cope with uncertainties, complex, and rapidlyย changing environments (Al-debei, 2008), and the external environment has really changedย since Covid-19. The changing environment has mainly impacted Royal Design and theirย current business model has not been able to adapt to it, due to them not being prepared for theย consequences which the pandemic has brought and not having the sources to support enoughย employees. The effects that Royal Design is experiencing can also be a result of havingย specific suppliers that have not been able to adapt to the changing environment and due toย circumstancesย withย strictย quarantineย andย socialย distancingย inย someย countries,ย forย example,ย Italy where it has been harder to ship products to companies in other countries. Company Xย and Outnorth are adaptable firms and they have only changed and adjusted a few things inย their business environment and business models, and they are still up and running almost asย usual through this complex and rapidly changing environment that Covid-19 brings. Nordiskaย Fรถnster has not yet been impacted to the extent where they have to adapt their business modelย to the situation, however, they are confident that if things were to escalate or change, theyย would handle the changes, case by case. Hem.com seems to not have adapted to the changingย environment either, in a way where they still can operate as usual. Instead, they are taking theย approach to work mainly from home as much as they can, make revenue from existingย inventory, and mostly wait for the situation out. Keen and Williams (2013), states that theย business model should be designed and developed for future planned businesses, and inย comparison, to other respondents from the data, Royal Design is in the process of developingย theirย businessย modelย whichย hasย beenย affectedย negativelyย dueย toย theย externalย environment.
Conclusions
The novel pandemic, coronavirus (COVID-19) affects every facets of individualโsย life, the economy and the society at large. The Nigeria government adopts herย policies as against the virus on her economy. The policies are both monetary andย fiscal policy. Moreover, the adverse effect of this pandemic is much felt by theย governmentย andย herย citizens,ย thoughย necessaryย measuresย haveย beenย takenย theย government and also adequately supported by NGOโs to ease the burden of theย government. Despite response recommendation by the National Centre for Diseaseย Control (NCDC) to curtail the spread of the disease; to avoid close contacts withย peopleย whoย areย sick,ย alwaysย washย andย sanitizeย theirย handsย atย leastย everyย 20ย seconds,ย avoid putting their hands into their eyes, mouth and nose, while sneezing, sneeze toย their elbows and should make use of tissue and properly disposed after use, avoidย social and religious gatherings, clean and disinfect frequently touched objects andย surfaces,ย alsoย stayย home whenย you areย sickย andย promptย visit toย the medicalย centres.
Despiteย these,ย monetaryย andย fiscalย policiesย areย takenย toย curbย theย nationย againstย facingย another recession.
Recommendations
- Nigeria being the giant and major player to Africa economy, it should then diversify and transform their economies by strengthening the productive capacity of African private sector to transform raw materials locally. According to them, this will help to improve domestic resources mobilization and reduce the continent dependence on external financial flows, which stands at 11.6% of Africaโs GDP compared to 6.6% of developing economiesโ GDP as strongly recommended by the report of African Union (AU, 2020).
- Their further suggestion is also applicable to the Nigeria economy, recommending that there should be an increase in agricultural production thereby enhancing the food value chains to meet domestic and dependable exporting consumption by other
- Setupย andย implementย strategicย jobย opportunityย programsย toย reduceย theย alarmingย rateย of unemploymentย within
- After the novel pandemic (COVID-19), more expenditure should be channeled to the educational sector so as to increase the nationโs investment in human capital in the long
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