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Background to the Study
There is a general consensus that the accelerating changes to Earth’s natural systems pose significant threats to global human health (Flemming, 2018). Identifying populations vulnerable to these threats and assessing relevant mitigating strategies are two important priorities for the scientific community, public health practitioners, international organizations such as the World Health Organization (WHO) and relevant national government agencies (Moore, Gelfeld, Okunogbe, and Paul, 2016) .
This is not surprising, considering the impact of socio-economic, environmental and ecological factors on infectious diseases.
Many people around the world cannot access essential medicines to treat diseases like malaria, tuberculosis (TB), and HIV/AIDS. Every year 8.8 million people are diagnosed with tuberculosis, every day more than 7,300 people are infected with AIDs, every 60 seconds malaria kills a child (WHO, 2011). One reason for this is that many people cannot access the existing drugs and technologies they need. Even basic medicines, like antibiotics, may be too expensive for people in low income countries making less than the equivalent of what $1,025 a year will buy in the US. Another reason many people around the world lack access to essential medicines is that little of the research and development on new drugs and technologies focuses on the diseases that have the largest impact on global health.
Diseases and economic outcomes are theoretically assumed to be inversely related. Their nature of direct impact on human health and high morbidity and mortality they caused among countries' population make them threat to development activities, productivity and progress in society. Diseases cause “pain, suffering, fear, and dread; loss of working time and income; worry, anxiety, and breakup of families disruptions in the life and welfare of the community; and costs of care, coping, and prevention, which are capable of depressing growth and development in the economy.
Severe Acute Respiratory Syndrome Corona Virus Disease (SARS-CoV) is one of the leading causes of morbidity and mortality globally, and particularly in Europe. Estimates of both past and present trends of global Corona Virus Disease morbidity and mortality revealed that 350,453 people have been infected globally while deaths are on the increase daily.
Coronavirus disease (COVID-19) is an infectious disease caused by a new virus. The disease causes respiratory illness (like the flu) with symptoms such as a cough, fever, and in more severe cases, difficulty breathing. According to the WHO, the most common symptoms of Covid-19 are fever, tiredness and a dry cough. Some patients may also have a runny nose, sore throat, nasal congestion and aches and pains or diarrhea. About 80% of people who get Covid-19 experience a mild case – about as serious as a regular cold – and recover without needing any special treatment. About one in six people, the WHO says, become seriously ill. The elderly and people with underlying medical problems like high blood pressure, heart problems or diabetes, or chronic respiratory conditions, are at a greater risk of serious illness from Covid-19. What became known as Covid-19, or the coronavirus, started in late 2019 as a cluster of pneumonia cases with an unknown cause. The cause of the pneumonia was found to be a new virus – severe acute respiratory syndrome coronavirus 2, or Sars-CoV-2. The illness caused by the virus is Covid-19. Now declared as a pandemic by the World Health Organisation (WHO), the majority of people who contract Covid-19 suffer only mild, cold-like symptoms. WHO says about 80% of people with Covid-19 recover without needing any specialist treatment. Only about one person in six becomes seriously ill “and develops difficulty breathing”. When people with Covid-19 develop a cough and fever, Wilson (2020) says this is a result of the infection reaching the respiratory tree – the air passages that conduct air between the lungs and the outside. The lining of the respiratory tree becomes injured, causing inflammation. This in turn irritates the nerves in the lining of the airway. Just a speck of dust can stimulate a cough. “But if this gets worse, it goes past just the lining of the airway and goes to the gas exchange units, which are at the end of the air passages. “If they become infected, they respond by pouring out inflammatory material into the air sacs that are at the bottom of our lungs.” If the air sacs then become inflamed, Wilson (2020) says this causes an “outpouring of inflammatory material [fluid and inflammatory cells] into the lungs and we end up with pneumonia.” the lungs that become filled with inflammatory material are unable to get enough oxygen to the bloodstream, reducing the body’s ability to take on oxygen and get rid of carbon dioxide. In the past five years, there have been four epidemics all having over 59% of total cases in the first quarter of the year. In just nine weeks into 2020 Lassa fever cases are already 96% of total cases in 2019, the year with the largest Lassa epidemic with 810 cases and 167 deaths. As recently as 2015, the total number of cases was 64. This trend does not only suggest that the current epidemic will likely surpass that of 2019, but it also suggests a longer lasting and more devastating epidemic. Arenaviruses, which include the Lassa virus, are disproportionately prone to genetic mutations and have a propensity for spread if not adequately controlled.
The coronavirus outbreak has been labelled a pandemic by the World Health Organization (WHO), and Nigeria seems to be and has been a source of socio-economic, health and mortality crisis globally, hence the need to examine the Impact of Covid-19 on the Nigerian economy
Statement of Problems
The economic impact of the COVID-19 pandemics is quite enormous though rigorous campaigns towards the awareness of such only began this decade, with multilateral organization such as UNICEF and WHO at the forefront of such campaigns.
Numbers of new COVID-19 infections continues to increase, with increase in the number of the general populace been faced with the virus.
The relatively scarce resource in Nigeria and even the global space at large has been made more insufficient by the blows of this deadly pandemic on the labour force and costs that are directly or indirectly related to COVID-19. The economic output is affected by the loss of productive years because the disease peak prevalence is found in the productive age group (18-49 years). Direct costs of the disease include expenditure on medical care, drugs and funeral expenses while indirect costs include recruitment and re-training, replacement of workers, orphan care plans and productive time lost to illness. Due to the aforementioned, it is imperative that a general examination is done to investigate the impact of novel coronavirus (ncovid-19) on the Nigerian economy
a. To investigate the impact of novel coronavirus (ncovid-19) on the Nigerian economy
b. To examine the adverse effect of COVID-19 on businesses in Nigeria
c. To highlight the possible business losses due to coronavirus
d. To investigate the effects of the business losses on Nigeria economy
1. What are the socio-economic impacts of the novel COVID-19?
2. What are the effect of COVID-19 on businesses in Nigeria?
3. What are the possible business losses due to coronavirus?
4. What are the effects of the business losses on Nigeria economy?
Scope of Study
This study would be carried out on businesses across states in Nigeria which had the highest hit of the pandemic.
Significance of Study
This study will examine the impact of novel coronavirus (ncovid-19) on the Nigerian economy. Recommendation that will promote sustainable global development will be made based on the findings of this study. The findings in this study will be of immense importance in many ways.To the national policy makers in the global houses of parliament, necessary solutions mapped out would help countries in the global scene to get back to their feet in the face of economic crisis.
Definition of Terms
Virus: A virus is a small infectious agent that replicates only inside the living cells of an organism. Viruses can infect all types of life forms, from animals and plants to microorganisms, including bacteria and archaea
Pandemic: A pandemic is a disease epidemic that has spread across a large region, for instance multiple continents, or worldwide. A widespread endemic disease with a stable number of infected people is not a pandemic. Further, flu pandemics generally exclude recurrences of seasonal flu.
Epidemic: An epidemic is the rapid spread of disease to a large number of people in a given population within a short period of time. For example, in meningococcal infections, an attack rate in excess of 15 cases per 100,000 people for two consecutive weeks is considered an epidemic
COVID-19: Corona Virus Disease 2019
Polymerase Chain Reaction: Polymerase chain reaction is a medical test widely used in molecular biology to rapidly make millions to billions of copies of a specific DNA sample allowing scientists to take a very small sample of DNA and amplify it to a large enough amount to study in detail