The Damages caused by global covid-19 pandemic on human health and the effect on financial and economic bantiquism in the country. (A case study on the covid-19 pandemic in Nigeria)
This study was on the Damages caused by global covid-19 pandemic on human health and the effect on financial and economic bantiquism in the country. (A case study on the covid-19 pandemic in Nigeria) The total population for the study is 200 staffs of CBN in Abuja. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made HRMs, economist, administrative staffs and junior staff were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
1.1Background of the study
With 3.95 million coronavirus cases and 276,680 deaths globally, the world continues to battle the COVID-19 pandemic. Even before the outbreak, the outlook for the world economy and especially developing countries like Nigeria was fragile, as global GDP growth was estimated to be only 2.5 percent in 2020. While many developing countries have recorded relatively fewer cases Nigeria currently has 3912 confirmed cases and 117 deaths as of this writing the weak capacity of health care systems in these countries is likely to exacerbate the pandemic and its impact on their economies(https://www.brookings.edu/blog)
We are facing a global health crisis unlike any in the 75-year history of the United Nations one that is killing people, spreading human suffering, and upending people’s lives. But this is much more than a health crisis. It is a human, economic and social crisis. The coronavirus disease (COVID-19), which has been characterized as a pandemic by the World Health Organization (WHO), is attacking societies at their core. The COVID-19 outbreak affects all segments of the population and is particularly detrimental to members of those social groups in the most vulnerable situations, continues to affect populations, including people living in poverty situations, older persons, persons with disabilities, youth, and indigenous peoples. Early evidence indicates that that the health and economic impacts of the virus are being borne disproportionately by poor people. For example, homeless people, because they may be unable to safely shelter in place, are highly exposed to the danger of the virus. People without access to running water, refugees, migrants, or displaced persons also stand to suffer disproportionately both from the pandemic and its aftermath whether due to limited movement, fewer employment opportunities, increased xenophobia etc.( https://www.un.org/development)
The COVID-19 pandemic has caused an unprecedented human and health crisis. The measures necessary to contain the virus have triggered an economic downturn. At this point, there is great uncertainty about its severity and length.
The latest Global Financial Stability Report shows that the financial system has already felt a dramatic impact, and a further intensification of the crisis could affect global financial stability. Before the pandemic, the Nigerian government had been grappling with weak recovery from the 2014 oil price shock, with GDP growth tapering around 2.3 percent in 2019. In Feruary, the IMF revised the 2020 GDP growth rate from 2.5 percent to 2 percent, as a result of relatively low oil prices and limited fiscal space. Relatedly, the country’s debt profile has been a source of concern for policymakers and development practitioners as the most recent estimate puts the debt service-to-revenue ratio at 60 percent, which is likely to worsen amid the steep decline in revenue associated with falling oil prices. These constraining factors will aggravate the economic impact of the COVID-19 outbreak and make it more difficult for the government to weather the crisis ( www.brookings.edu)
Statement of the problem
All in all, the sharp tightening of global financial conditions since the COVID-19 outbreak together with the dramatic deterioration in the economic outlook has shifted the one-year-ahead distribution of global growth massively to the left. This points to a significant increase in downside risks to growth and financial stability. The issue facing each and every one of us is how we manage and react to the stressful situation unfolding so rapidly in our lives and communities. Here we can draw on the remarkable powers of strength and cooperation that we also fortunately possess as humans. And that is what we must try to focus on to respond most effectively to this crisis as individuals, family and community members, friends and colleagues
Objective of the study
The objectives of the study are;
- To ascertain the damages caused by COVID19 to human health
- To ascertain the damages caused by COVID19 to Nigeria financial sector
- To ascertain the damages caused by COVID19 to Nigeria economy
For the successful completion of the study, the following research hypotheses were formulated by the researcher;
H0: There is no damages caused by COVID19 to human health.
H1: There is damages caused by COVID19 to human health
H02: There are no damages caused by COVID19 to Nigeria economy
H2: There are damages caused by COVID19 to Nigeria economy
Significance of the study
The study on The damages caused by global covid-19 pandemic on human health and the effect on financial and economic bantiquism in the country, will be of immense benefit to all the Nigeria citizens, the educational sector, health sector and the federal government of Nigeria. The study will explore the prevalence of corona virus disease (COVID-19), the causes, and the effect of the corona virus disease (COVID-19) the Nigeria health and economy. The study will educate the masses on the mode of transmission of the corona virus disease (COVID-19) and the preventive measures to be adopted. The study will educate the Nigeria government on the policy implementation to curb the prevalence of the corona virus disease (COVID-19) and how to improve the Nigeria economy during this period. The study will serve as a repository of information to other researchers that desire to carry out similar research on the above topic. Finally the study will contribute to the body of the existing literature on the damages caused by global covid-19 pandemic on human health and the effect on financial and economic bantiquism in the country
Scope and limitation of the study
The scope of the study covers The Damages caused by global covid-19 pandemic on human health and the effect on financial and economic bantiquism in the country. . The researcher encounters some constrain which limited the scope of the study;
- a) AVAILABILITY OF RESEARCH MATERIAL: The research material available to the researcher is insufficient, thereby limiting the study
- b) TIME: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
1.7 DEFINITION OF TERMS
INFECTIOUS EPIDEMIC: Infectious diseases are caused by pathogenic microorganisms, such as bacteria, viruses, parasites or fungi; the diseases can be spread, directly or indirectly, from one person to another
COVID19: Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.