EFFECT OF CORONA VIRUS (COVID-19) ON THE NIGERIA ECONOMY
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EFFECT OF CORONA VIRUS (COVID-19) ON THE NIGERIA ECONOMY
Chapter One: Introduction
Background of the study
The World Health Organisation (WHO) declared COVID-19 a global pandemic on March 11, removing any debate regarding the virus’s threat to any country in the world. The virus has been found in 152 countries, infecting over 180,000 people and killing over 7,000.
Though Africa remains one of the regions with the fewest cases, the number of countries affected has climbed in the last week. As of this writing, almost 450 cases had been documented in 30 countries, primarily in northern and southern Africa, with 10 deaths.
Because many African countries have underdeveloped health-care systems, aggressive actions to prevent the virus from spreading would be essential.
Countries should increase public education campaigns on best practices, such as promoting good hygiene and social distancing, avoiding big public gatherings, and urging businesses to protect the jobs of employees who require quarantine or medical care. Campaigns should enlist the assistance of religious and civil society leaders to maximise impact.
“It is unavoidable that the novel coronavirus epidemic will have a significant impact on the economy and society,” said Chinese President Xi Jinping in a televised address on 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” – the finance minister of Japan, Taro Aso.
The G20 will meet in Riyadh, Saudi Arabia, on 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”
– a representative for Honda, on March 3, 2020. Aside from its alarming consequences on human life, the novel strain of coronavirus (COVID-19) has the potential to drastically slow not only the Chinese but also the global economy. China has become the primary industrial hub for many worldwide commercial operations.
Any disruption in China’s output is expected to have implications across regional and global value networks. Indeed, the most recent numbers from China show a significant fall in output. The China Manufacturing Purchasing Manager’s Index (PMI), a key production indicator, decreased by approximately 22 points in February.
This index is significantly associated with exports, and such a fall suggests an annualised reduction in exports of around 2%. In other words, the February dip is comparable to a 2% reduction in intermediate products supply over the course of the year.
Shipping indicators also point to a decline in Chinese exports in February. Container vessel departures from Shanghai were much lower in the first half of February, but increased in the second half.
However, the Shanghai Containerised Freight Index continues to fall, indicating surplus shipping capacity and reduced demand for container vessels.
The situation is similar in Nigeria, where the Corona virus illness (COVID-19) outbreak has halted all activities. The overall number of coronavirus patients in Nigeria has increased to 12, with four new cases confirmed in Lagos State on Thursday.
Akin Abayomi, the Lagos State health commissioner, announced the additional cases in Ikeja during a press conference. Abayomi revealed that 14 people were screened, but only four tested positive for the coronavirus, and that one of the new index cases was in contact with the third confirmed case in Nigeria.
The commissioner stated that one of the patients, a Nigerian girl, arrived in Lagos on Saturday, March 14, 2020, on Turkish Airlines TK1830. According to Abayomi, one of the latest four cases is a Nigerian guy in his fifties who has never gone.
He stated that the last patient is a Nigerian male who arrived in the country aboard a Lufthansa (airline) LH568 on Friday, March 13, 2020. Abayomi stated that the patients had been segregated for treatment at the Infectious Disease Hospital in Yaba, Lagos.
The commissioner, however, stated that more tests are being conducted because there is a “combination of imported cases and local transmission.” The Lagos State Executive is gathering to discuss the next step of social distancing measures. ”
The best way to slow the rate is to halt the movement of the virus from person to person,” Abayomi said in a press release. “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 urged passengers on both aircraft to isolate themselves and notify the government.
Statement of the Problem
The epidemic of coronavirus illness (COVID-19) in Nigeria has raised tensions and worry among the country’s inhabitants. The virus, unlike other occurrences in this country, is highly contagious and causes severe symptoms.
The epidemic of coronavirus illness (COVID-19) may have an impact on the Nigerian economy through decreased imports and exports, bad tourism remittances, and commodities price increases in Nigeria.
Finally, while there have been research on coronavirus disease (COVID-19), not a single study has focused on the influence of coronavirus (COVID-19) on the Nigerian economy, indicating the need for the study.
1.3 AIM AND OBJECTIVES OF THE STUDY
The primary goal of the research is to determine the impact of the coronavirus (COVID-19) on the Nigerian economy. The study’s particular aims are:
The objectives are to analyse the correlation between COVID-19 and the Nigerian economy, as well as to identify the underlying causes.
To determine the mode of transmission of the coronavirus illness (COVID-19)
The study aims to assess the impact of COVID-19 on import and export rates in Nigeria, the education sector, and the health and well-being of Nigerians. It will also recommend preventive measures for the Nigerian government to combat the disease.
1.4 RESEARCH QUESTIONS
The study developed research questions to determine the study’s above-stated aims. The study’s objectives are guided by the following research questions:
What is the relationship between coronavirus disease (COVID-19) and Nigeria’s economy?
What is the cause of Coronavirus Disease (COVID-19)?
What is the method of transmission for coronavirus disease (COVID-19)?
What effect does coronavirus illness (COVID-19) have on import and export rates in Nigeria?
What effect does the coronavirus disease (COVID-19) have on Nigeria’s education sector?
What effect does coronavirus illness (COVID-19) have on the health and well-being of Nigerian citizens?
What preventive steps will the Nigerian government take in the fight against coronavirus disease (COVID-19)?
1.5 Statement of the Hypothesis
H01: There is no substantial association between COVID-19 and the Nigerian economy.
H02: Coronavirus (COVID-19) has no substantial influence on Nigeria’s economy.
H03: There is no major impact of COVID-19 on Nigeria’s education sector (1.6).
The study on the impact of coronavirus illness (COVID-19) on the Nigerian economy will be extremely beneficial to all Nigerian citizens, the health sector, and the federal government of Nigeria. The study will look into the prevalence of coronavirus illness (COVID-19), its causes, and how it affects the Nigerian economy.
The study will educate the public on the mode of transmission of coronavirus illness (COVID-19) and the preventive measures that should be taken. The study would educate the Nigerian government on policy implementation to reduce the prevalence of coronavirus illness (COVID-19) and boost the Nigerian economy during this time.
The study will act as a repository of information for other scholars who wish to conduct comparable research on the same issue. Finally, the study will add to the body of existing knowledge on the impact of coronavirus disease (COVID-19) on the Nigerian economy.
1.7 SCOPE OF THE STUDY
The study will focus on the impact of coronavirus disease (COVID-19) on the Nigerian economy.
1.8 Limitations of the Study
Financial constraints- Insufficient funds tend to restrict the researcher’s efficiency in accessing relevant resources, literature, or information, as well as in data collecting (internet, questionnaire, and interview).
Time constraints: The researcher will conduct this investigation while also working on other academic projects. This will reduce the amount of time spent on research.
1.9 Definition of Terms
Corona Virus Disease (COVID-19):
Coronavirus disease (COVID-19) is an infection caused by a novel virus. The condition causes respiratory illness (similar to the flu), with symptoms including a cough, fever, and, in extreme cases, difficulty breathing.
You can protect yourself by washing your hands often, not touching your face, and avoiding close contact (1 metre or 3 feet) with those who are sick.
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