Economic Importance of Covid-19 (Coronavirus) in Nigeria
CHAPTER ONE
Objective of the study
The objectives of the study are;
- To investigate the whether coronavirus put pressure on Nigeria economy
- To ascertain whether the emergence of COVID-19 and its increasing incidence in Nigeria has called for drastic review and changes in the earlier revenue expectations
- To ascertain whether sellers are taking advantage of coronavirus to increase price of commodities
- To ascertain the impact of coronavirus on Nigeria economy
CHAPTER TWO
LITERATURE REVIEW
COVID-19 pandemic
Before the advent of this present pandemic, the world had some experiences of coronavirus in the past. The two most recent experiences, the Severe Acute Respiratory Syndrome, which happened in China in 2002, 2003 and the Middle-East Respiratory Syndrome, which occurred in some Middle East and some other countries outside the Middle-East in 2012 (Zhong et al., 2003). However, Previous Coronaviruses did not cause devastating consequences. They caused “mild infections in immunocompromised people and were not considered to be highly pathogenic in humans until they circulated in the Guangdong province of China in 2002 and 2003 during the Severe Acute Respiratory Syndrome (SARS) outbreak” (Zhong et al., 2003). The cumulative number of infections recorded was 8437. Out of this number, 813 (9.6%) of the cases were fatal while 7452 (90.4%) of the cases recovered (WHO, 2003).
Another wave of coronavirus known as the Middle East respiratory syndrome was experienced between 2012 and 2013. “The first documented cases of MERS occurred in Jordan in early 2012. Globally, to date, there has been a total of 55 cases confirmed by laboratory testing. Out of these, 40 have occurred in KSA, and the rest have been reported from other countries in the Middle East (Qatar and the United Arab Emirates), from Tunisia in North Africa, and France, Germany, Italy and the United Kingdom of Great Britain and Northern Ireland in Europe” (WHO, 2013). Despite having a limited number of cases, the death rate of MERS was about sixty per cent (60%) (WHO, 2013). Thus, the combined cases of infections from SARS and MERS amounted to 8492.
The coronavirus, also known as COVID-19, which began in China in 2019, was linked to a novel Coronavirus that was named SARS-CoV-2 (Zhu et al., 2020). It is pertinent to note that “the new strain of coronavirus had not been previously identified in humans and the disease associated with it has been dubbed Coronavirus diseases 2019 (COVID-19) by the WHO (Bawazir et al., 2020). The virus has spread to over 155 countries, causing severe morbidity and mortality since its emergence in 2019 (Wu et al., 2020). However, as of 14th May 2020, the world had witnessed five million, one hundred and three thousand, and six (5, 103, 006) cases of COVID-19 (following the applied case definitions and testing strategies in the affected countries), including 109, 536 fatalities, representing 2.15% of the infections. The results also indicate that 74,256 of the infections are from Africa, 182,278 are from South East Asia, 2,282,488 are from America, as well as 1,987,657 from Europe and 172,696 from Western Pacific, among others. The fatalities associated with the different continents as of 14th May 2020 were 2504 (Africa), 5119 (South-East Asia), 62,221 (America) and 21,413 (Europe). As of October 2021; barely one year after the commencement of the COVID-19 pandemic, the total confirmed cases rose to 34,804,348 with 1,030,738 (2.96%) fatalities globally (WHO, 2020a; 2020b). This partly explains why COVID-19 appears to have attracted more global attention in terms of sensitisation and lockdowns than the previous cases.
CHAPTER THREE
RESEARCH METHODOLOGY
INTRODUCTION
In this chapter, we described the research procedure for this study. A research methodology is a research process adopted or employed to systematically and scientifically present the results of a study to the research audience viz. a vis, the study beneficiaries.
RESEARCH DESIGN
Research designs are perceived to be an overall strategy adopted by the researcher whereby different components of the study are integrated in a logical manner to effectively address a research problem. In this study, the researcher employed the survey research design. This is due to the nature of the study whereby the opinion and views of people are sampled. According to Singleton & Straits, (2009), Survey research can use quantitative research strategies (e.g., using questionnaires with numerically rated items), qualitative research strategies (e.g., using open-ended questions), or both strategies (i.e., mixed methods). As it is often used to describe and explore human behaviour, surveys are therefore frequently used in social and psychological research.
POPULATION OF THE STUDY
According to Udoyen (2019), a study population is a group of elements or individuals as the case may be, who share similar characteristics. These similar features can include location, gender, age, sex or specific interest. The emphasis on study population is that it constitutes of individuals or elements that are homogeneous in description.
This study was carried to examine Economic Importance of Covid19 (Coronavirus) in Nigeria. CBN, Lagos State forms the population of the study.
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
INTRODUCTION
This chapter presents the analysis of data derived through the questionnaire and key informant interview administered on the respondents in the study area. The analysis and interpretation were derived from the findings of the study. The data analysis depicts the simple frequency and percentage of the respondents as well as interpretation of the information gathered. A total of eighty (80) questionnaires were administered to respondents of which only seventy-seven (77) were returned and validated. This was due to irregular, incomplete and inappropriate responses to some questionnaire. For this study a total of 77 was validated for the analysis.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain the economic Importance of Covid19 (Coronavirus) in Nigeria. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of the economic Importance of Covid19 (Coronavirus) in Nigeria
Summary
This study was on the economic Importance of Covid19 (Coronavirus) in Nigeria. Five objectives were raised which included; To investigate the whether coronavirus put pressure on Nigeria economy, to ascertain whether the emergence of COVID-19 and its increasing incidence in Nigeria has called for drastic review and changes in the earlier revenue expectations, to ascertain whether sellers are taking advantage of coronavirus to increase price of commodities and to ascertain the impact of coronavirus on Nigeria economy. A total of 77 responses were received and validated from the enrolled participants where all respondents were drawn from selected staff of CBN in Lagos state. Hypothesis was tested using Chi-Square statistical tool (SPSS).
Conclusion
This study concludes, based on respondents’ opinions and attitudes, that the COVID-19 induced-lockdown has significantly constrained economic activities and hence, the circular flow of income in Nigeria. Furthermore, the perceived reduction in economic activities and the circular flow of income has precipitated challenges to economic growth in most economies and if the trend continues unabated, it may lead to an economic recession. This study has made a significant contribution to knowledge in the social and management sciences. It is the first empirical study to have embarked on this problem in this magnitude. Secondly, it has modelled the economic consequences of the COVID-19 pandemic, thereby creating the necessary awareness for policymakers and relevant stakeholders on the need to manage the pandemic adequately to prevent economic decadence through a possible stagnation-induced recession. The proposed model of COVID-19 and economic growth/recession will prove useful to stakeholders in analysing the economic impact of COVID-19.
Recommendation
Fighting against COVID-19 spreading, including sharing the information of the disease transmission and epidemiological knowledge, sharing the experiences on case management and treatment approaches both for severe cases or light symptoms, and sharing new technologies or strategies to contain the transmission
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