EFFECT OF CORONA VIRUS ON NIGERIAN ECONOMY
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EFFECT OF CORONA VIRUS ON NIGERIAN ECONOMY
CHAPTER 1
NTRODUCTION
BACKGROUND OF THE STUDY
There is no longer any room for question when the World Health Organisation (WHO) declared COVID-19 a worldwide pandemic on March 11.
The virus is a menace to every nation in the world. Over 180,000 people have been infected and over 7,000 have died as a result of the virus, which has now been found in 152 countries.
Even while there are still relatively few cases in Africa, more nations are now afflicted than last week. As of this writing, 30 nations have received reports of almost 450 cases, mostly in South Africa and northern Africa, with 10 recorded fatalities.
Since the health care systems of many African nations are somewhat underdeveloped, preemptive actions to stop the virus’s spread will be essential. Countries should intensify their public awareness campaigns, encouraging people to practise good hygiene and social distance,
avoiding big public gatherings, and urging employers to protect the jobs of workers who need to be quarantined or treated. For optimal impact, campaigns should enlist the aid of leaders in civil society and the religious community.
The new coronavirus epidemic would unavoidably have a significant influence on the economy and society, according to China’s president Xi Jinping in a broadcast address on February 23, 2020. According to Japanese Finance Minister Taro Aso,
“the spread of the new coronavirus is a public health crisis that could pose a serious risk to the macro economy through the stoppage of production activities, interruptions of people’s movement, and cut-off of supply chains.” 2020 February 24: G20 summit in Riyadh, Saudi Arabia.
According to a Honda spokeswoman on March 3, 2020, “Honda Motor Co. will reduce vehicle output at two of its domestic plants in Saitama Prefecture for about a week in March due to concerns about parts supply from China where a new coronavirus outbreak is continuing to disrupt economic activities.”
The unique coronavirus strain (COVID-19), in addition to its unsettling effects on human life, has the potential to dramatically slow down both the Chinese and the world economies. China has developed become the main manufacturing centre for many international corporate operations.
Through regional and international value chains, any disruption to China’s output is anticipated to have an impact abroad. In fact, the most current data from China show that output has significantly decreased. A crucial manufacturing measure, the China Manufacturing Purchasing Manager’s measure (PMI), dropped by roughly 22 points in February.
Due to the strong correlation between this index and exports, a dip in this index would indicate an annualised decrease in exports of around 2%. In other words, the decline seen in February as a percentage of the entire year’s supply of intermediate goods is equal to -2%.
Shipping indicators also point to a decline in Chinese exports in February. The number of container ships departing from Shanghai decreased significantly in the first half of February while increasing in the second.
The Shanghai Containerized Freight Index, however, keeps falling, signalling excess shipping capacity and a reduction in the market for container ships.
The epidemic of the coronavirus disease (COVID-19) is the same in Nigeria, where everything has been put on pause. Following the confirmation of four additional cases in Lagos State on Thursday, the number of corona virus patients in Nigeria has increased to 12.
A press conference was held to reveal the new cases in Ikeja, according to Lagos State Health Commissioner Akin Abayomi. Four of the 14 people tested positive for the coronavirus, according to Abayomi, who also said that one of the new index cases had contact with the third confirmed case in Nigeria.
According to the commissioner, a Nigerian woman who was one among the patients arrived in Lagos on March 14, 2020, aboard Turkish Airlines flight TK1830. One of the new four cases involves a 50-year-old Nigerian guy who has never travelled anywhere, according to Abayomi.
According to him, the final case was a male from Nigeria who entered the nation on March 13, 2020, through flight LH568 of Lufthansa. According to Abayomi, the patients have been segregated to the Infectious Disease Hospital in Yaba, Lagos, for treatment.
More tests are being conducted, the commissioner claimed, because there are “a combination of imported cases and local transmission.” The next phase of social isolation is being discussed by the Lagos State Executive. Stopping the spread of the virus from person to person is the greatest approach to limit the rate, according to Abayomi.
“We are currently keeping tabs on over 1,300 people to learn more about their health, and the number is growing.” On the two planes, he urged passengers to segregate themselves and get in touch with the authorities.
STATEMENT OF THE PROBLEM
The pandemic of the corona virus disease (COVID-19) in Nigeria has raised tension and worry levels among the populace. In contrast to other cases we have seen in this nation, the virus has severe symptoms and is very contagious.
The Nigerian economy may be impacted by the corona virus disease outbreak (COVID-19) due to decreased imports and exports, weak remittances from tourists, and rising commodity prices in Nigeria.
The need for the study arises from the fact that while studies on the corona virus illness (COVID-19) have been conducted, not a single one has focused on the impact of the disease on the Nigerian economy.
1.3 AIMS AND OBJECTIVES OF THE STUDY
The primary goal of the research project is to ascertain how the Nigerian economy would be impacted by the corona virus (COVID-19). The study’s particular goals are as follows:
To identify the causes of the corona virus disease (COVID-19), as well as the relationship between the sickness and the Nigerian economy.
To ascertain the manner in which the corona virus disease (COVID-19) is transmitted.
To assess the impact of the corona virus disease (COVID-19) on import and export rates in Nigeria; to assess the impact of the disease on Nigeria’s education sector; to assess the disease’s impact on the health and wellbeing of Nigerian citizens;
And to recommend preventive measures that the Nigerian government should take in order to combat the disease.
1.4 RESEARCH QUESTIONS
To determine the aforementioned study objectives, research questions were developed. The goals of the study are guided by the following research questions:
What connection exists between the Nigerian economy and the COVID-19 corona virus disease?
What are the causes of the COVID-19 corona virus disease?
What is the method by which the corona virus disease (COVID-19) is spread?
What impact does the COVID-19 corona virus epidemic have on Nigeria’s import and export rates?
What impact does the COVID-19 corona virus sickness have on Nigeria’s education system?
What impact does COVID-19, a corona virus disease, have on the health and wellbeing of Nigerians?
What preventive steps will the Nigerian government take to combat the COVID-19 corona virus disease?
1.5 RESEARCH HYPOTHESIS
H01: The Nigerian economy and the corona virus disease (COVID-19) do not significantly interact.
H02: The economy of Nigeria is not significantly impacted by the corona virus (COVID-19).
H03: In Nigeria, the education sector is unaffected by the corona virus disease (COVID-19).
1.6 SIGNIFICANCE OF THE STUDY
All Nigerian citizens, the health industry, and the federal government of Nigeria can greatly benefit from the study on the impact of corona virus illness (COVID-19) on the Nigerian economy. The project will investigate the incidence of corona virus illness (COVID-19), its causes, and its effects on the Nigerian economy.
The study will inform the public about the means by which the corona virus disease (COVID-19) is spread and the precautions that should be taken.
The study will inform the Nigerian government on how to develop policies to reduce the incidence of COVID-19 and how to strengthen the Nigerian economy at this time.
Other academics who want to conduct comparable research on the aforementioned topic might use the study as a resource for information. Last but not least, the research will add to the body of material already available on the impact of the COVID-19 coronavirus disease on the Nigerian economy.
1.7 SCOPE OF THE STUDY
The study will examine how the Nigerian economy is impacted by the corona virus disease (COVID-19).
1.8 LIMITATIONS
Financial restraint: A researcher’s ability to collect data (through the internet, a questionnaire, and interviews) and locate relevant materials, literature, or information is often hindered by a lack of funding.
Time restraint: The researcher will do this investigation together with other academic activities at the same time. As a result, less time will be spent on the research project.
1.9 DEFINITION OF TERMS
CORIANDER VIRUS DISEASE (COVID-19):
A novel virus called COVID-19 causes the contagious disease coronavirus disease. The condition results in a respiratory illness (similar to the flu) with symptoms like a cough, a fever, and, in more serious cases, breathing difficulties.
You can safeguard yourself by routinely washing your hands, refraining from touching your face, and keeping your distance (1 metre or 3 feet) from sick people.
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