The Impact of Infectious Epidemic on Petroleum Production in Nigeria a Case Study of Coronavirus Disease
Chapter One
Purpose of study
The purpose of this study is to;
- To examine how Petroleum production is affected by the Covid-19
- To examine the effects of the pandemic (COVID-19) on different areas of the petroleum industry
- To identify how Petroleum companies are dealing with the Covid-19 pandemic.
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.
Overview of Coronavirus Disease
Coronavirus Disease is a contagious disease that first emerged in Wuhan, China in 2019. It was later coded “COVID-19” by the W.H.O which stands for Coronavirus Disease 2019. The Coronavirus outbreak remains one of the worst global pandemics for decades. The mortality rate soared and the easy of spread was upsetting. Research shows that older people and those with underlying medical problems like cardiovascular diseases, diabetes, chronic respiratory disease, and cancer were more likely to develop serious illnesses from coronavirus (W.H.O, 2020). Some of the symptoms of Coronavirus include; Sore throat, runny nose, constant coughing/sneezing, breathing difficulty and fatigue.
CHAPTER THREE
RESEARCH METHODOLOGY
Research Design
The study used descriptive research design. A descriptive study involves collecting data that test the validity of the hypotheses regarding the present status of the subjects of the study. In this study, the design was used to determine the effects of Covid 19 pandemic which was the independent variable on petroleum production which was the dependent variable in this study.
Population and Sampling Design
Population
The target population for a survey is the entire set of units for which the survey data are to be used to make inferences (Cooper and Schindler, 2001). Thus, the target population defines those units for which the findings of the survey are meant to generalize. Establishing study objectives is the first step in designing a survey. Defining the target population should be the second step. Target populations must be specifically defined, as the definition determines whether sampled cases are eligible or ineligible for the survey. The geographic and temporal characteristics of the target population need to be delineated, as well (Cox, 2008). Cox and West (1986) describe a population as a well- defined group of people or objects that share common characteristics.
A population in a research study is a group about which some information is sought. Most researchers cannot include all members of the population in their studies and must resort to limiting the number of subjects to only a sample from the population. The target population in this case was oil company workers in Nigeria. The target population in this study was 205 in number.
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS OF RESULTS
Demographic Data of respondents
CHAPTER FIVE
CONCLUSION AND CONCLUSION
This study has attempted a theoretical evaluation of the impact and implications of COVID-19 on the oil and gas industry and the resulting effect on the Nigerian economy. The study shows that the country is highly vulnerable to internal and external oil price shocks on all aspects of the economy, especially the oil and gas sector. The mono-product structure of the economy is heading us nowhere particularly as the country’s “sweet crude is turning sour”. Furthermore, from the breakdown and critique above it is quite obvious that the impact of the COVID-19 pandemic will have a far reaching implications on the Nigeria economy as it will lead to job losses and layoffs and if nothing is done quickly to bolster the sector will lead to more drastic loss of revenue and continuous cuts in our national budgets and which will increase more hardship on the populace. By implications, the lower crude oil price impacts will remain within the Industry well after some normalcy returns to the daily life of people and companies.
However, a well-thought out stimulus package, which is not selective in its applications, could ensure that the industry is able to bounce back much quicker than expected. It is the right time to strengthen our efforts in economic diversification as Nigeria needs to look beyond oil and gas, put the best economic and political team together and re-strategize. Some of the ways to boost the economy, maybe and not restricted to as follows: (i) Interim government measures. (ii) Increased more CBN Stimulus Package (iii) Emergency Economic Stimulus. The key stimulus which Nigeria should channel most resources to economic diversification and prioritise alternative viable sectors such as agriculture, solid minerals, manufacturing and services sectors should be further intensified. Enough of sheer rhetorical promises that have amounted to nothing!
Reference
- Ajayi, Olaniwun (2019). COVID-19: Our Commitment to your Health and Safety. http://www.olaniwunajayi.net/blog/covid-19-publications/
- Central Bank of Nigeria (CBN) Statistical Bulletin (2018). Staistical Bulletin. A publication of the CBN.
- Central Bank of Nigeria (CBN) Statistical Bulletin (2019). Staistical Bulletin. A publication of the CBN.
- Chou, J., N.-F. Kuo, et al., 2004. Potential Impacts of the SARS Outbreak on Taiwan’s Economy. Asian Economic Papers 3(1), 84-112.
- Femi Asu (2020). Nigeria slashes crude selling prices to woo buyers, Copyright PUNCH Newspaper. https://punchng.com/nigeria-slashes-crude-selling-prices-to-woo-buyers/
- International Energy Association (IEA), (2020). Monthly Oil Price Statistics, Published 14th, May, 2020. Available online at www.iea.org
- KPMG (2020) Covid-19: Economic Impact & Pandemic Planning. A Business Impact Series.
- Issue 1, 30 March 2020.