Assessment of the Socio-Economic Effect of COVID-19 in Southwest States, Nigeria
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Date
2023-12
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Lead City University
Abstract
Due to the global lockdowns following the COVID-19 outbreak, which resulted in employment losses for the expatriate community and the closure of financial institutions like banks and money transfer companies, a major fall in remittance inflow to the country is anticipated. Social distancing, self-isolation and travel restrictions forced Southwest States, Nigeria a decrease in the workforce across all economic sectors and caused many jobs to be lost. Schools have closed down, and the need of manufactured products has decreased. The food supply has also seen a great demand. It is for this reason that the research seeks to assess the socio-economic effect of COVID-19 in Southwest States, Nigeria. The sample size of the study was drawn from reports from the Nigeria. The research relied on secondary sources of data. Thus, the research instruments used for this were textbooks, journals, newspaper, reports, editorials, magazines, and articles. Secondary data gathered were analysed and presented using exploratory analysis and
descriptive analytical explanation is given to the secondary data obtained for the study. Findings revealed that COVID-19 had a severe impact on economy, enterprises and industries on all sizes, resulting in reduced incomes for vulnerable macro and micro-economies and the risk of job
losses and lost incomes for thousands of low-paid worker in Southwest States, Nigeria. It was also revealed that Nigeria imports are decreased due to pandemic and this has fiscal and unemployment adverse implications. It was found that the private sectors were critical in supporting the government in fighting the health crisis and addressing the subsequent socio- economic turmoil in Southwest States, Nigeria. It was recommended that there is an urgent need for Nigeria to form a combination of monetary, fiscal and financial markets measures to help economies and businesses to cope with this spread of virus and crisis environment.
Keywords: Assessment, Socio-Economic Effect, COVID-19, Southwest States, Nigeria
Word Count: 285
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Keywords
Assessment, Socio-Economic Effect, COVID-19, Southwest States, Nigeria
Citation
Kate Turabian