PHILIPS, OLUBIYI. O (2020) THE SOCIO-ECONOMIC IMPLICATIONS AND THE CULTURE FOR MANAGING POST COVID-19 PANDEMIC IN NIGERIA. In: 1st National Conference and Annual General Meeting (AGM) of the Nigerian Society of Engineers (NSE), Ilaro Branch, Between 29th – 30th October 2020., 29th-30th October, 2020, The Federal Polytechnic, Ilaro..
Full text not available from this repository.Abstract
The COVID-19 pandemic has had socio-economic implications for a variety of countries. Nigeria's lockdowns froze economic activity, triggering employment shortages and instability in the supply chain. A recent National Bureau of Household Statistics survey found that over 40 per cent of Nigeria's households could be rated as poor. It was estimated that the economy will shrink from 4.40 per cent to 8.91 per cent. In an attempt to stop a significant downturn in economic activity, the government proposed a stimulus package as part of its post-COVID-19 economic recovery strategy. The government promised a stimulus spending package of N2.3 trillion (about $5.9 billion) to keep the economy down to minus 0.59 per cent. It's a good start. Yet the government's proposal leaves much to be desired. Critical industries, such as electricity and education, have not been properly considered. There are serious omissions. Investing in the power sector will also aid in the storing and distribution of agricultural goods, another big issue impacting Nigeria's agricultural and manufacturing sectors. There is also the question of deployment. Successive Nigerian administrations have invested large amounts on numerous economic projects in the past, with nothing to show for them as a result of ministerial incompetence and mismanagement. A variety of interventions have failed. A better way to boost the Nigerian economy at this time would be to have concrete and observable goals that could unlock the potential of Nigerians. For example, the government should concentrate on building an encouraging atmosphere for business to flourish. Keywords: COVID-19, Socio-Economic Consequences in Africa and Nigeria, The role of stakeholders in Nigeria.
| Item Type: | Conference or Workshop Item (Paper) |
|---|---|
| Subjects: | H Social Sciences > H Social Sciences (General) |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Management |
| Depositing User: | Unnamed user with email [email protected] |
| Date Deposited: | 05 Mar 2023 09:07 |
| Last Modified: | 03 Apr 2023 12:06 |
| URI: | http://eprints.federalpolyilaro.edu.ng/id/eprint/2092 |
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