Project Materials

THE IMPACT OF ECONOMIC MELTDOWN ON THE STAFF (CASE STUDY OF STAFF OF ENUGU STATE COLLEGE OF EDUCATION (TECHNICAL)

ABSTRACT

The purpose of this study is to look into the impact of the economic meltdown on the workforce at Enugu State College of Education (Technical), Enugu. The cross-sectional survey research design was used in the study. The study used a sample of 180 staff members from Enugu’s College of Education (Technical), who also served as the study’s population. Data was collected using a structured questionnaire that was validated by three lecturers from the School of Science Education at ESCET. Three research questions were posed for the study. Percentages were utilised to analyse the information. The findings show that (1) The causes of the Economic Meltdown are continuous reliance on the oil and gas sector, a high dependency rate on foreign goods by Nigerians, a lack of technical knowledge among Nigerians in the operation of mechanised machines or tools, rapid population growth throughout the country, and complete neglect of other sectors such as agriculture. (2) The impacts of an economic meltdown include workers not being paid on time, workers struggling to fulfil their personal requirements, and workers being unable to meet the obligations of their families. (3) Possible methods include the government implementing a diversified economy, making the agriculture sector more appealing, lowering the birth rate, and encouraging Nigerians to create things within the country. The findings served as the basis for recommendations and proposals.

Chapter one

INTRODUCTION

Background of the study

The Economic Meltdown impacts not only the workers of Enugu State College of Education (Technical), but also the residents of our dear and beautiful country Nigeria, as well as other countries across the world such as the United States of America (USA), the United Kingdom (UK), and China.

The definition of the term “Economic Meltdown” as interpreted by various sources will be considered. First and foremost, “Economic Crisis” is another term that can be used interchangeably with “economic meltdown.” Now, the definitions are:

The term “economic” is described as “connected with the trade, industry, and development of the wealth of a country, an area, or a society” in the Oxford Advanced Learner’s Dictionary (6th edition).

It further described meltdown as “a situation in which something fails or weakens in an unexpected or dramatic way.” Thus, an economic meltdown is defined as “a situation in which a country’s economic activities decline or decrease.” It also signifies that a country’s economic activity has suddenly reduced.

Pius (2007) defines an economic meltdown as “a situation in which the rate of a country’s economic activity decreases.” According to him, this drop indicates that the rate at which a nation’s economy used to operate is no longer the case due to a variety of circumstances. The authorities have highlighted a number of issues, including a drop in work prospects and inflation.

According to Macrocom (2009), “economic meltdown” is a term that can be interpreted in a variety of ways. As a result, he stated that meltdown indicates ‘huge heat and high temperature’, but in his opinion

economic meltdown is described as “the lack of economic activity which causes coldness (i.e. reduction) rather than heat (increase) in the air (i.e. in the nation’s economy).