Abstract The research looked at the economic effect of the COVID-19 epidemic on Delta State University employees. The research sought to determine the difference in the economic effect of COVID-19 on Delta State University employees, the difference between teaching and non-teaching staff, and the economic tactics used by Delta State University staff to offset the economic burden of the COVID-19 pandemic.
The survey research approach was used for the study, and a structured questionnaire was delivered to 120 respondents chosen at random from the 2,213 worker population. The analysis showed that the COVID-19 lockout had a major economic influence on the negation position of Delta State University, Abraka personnel. It was noticed that increases in the cost of consumables, home goods, transportation, and lodging owing to increases in construction materials were a significant burden on the workforce.
Staff whose wages were not boosted throughout the time struggled to complete some of their capital projects because they used stringent management tactics at home to minimize excessive costs that may harm their income. The government at all levels should implement an employee design plan to aid with soft financial support, similar to how the COVID-19 Payroll was developed for SMEs to consider the impact of COVID-19.
Strict measures should be implemented as soon as possible to save the economy, such as giving employees loans for investment, as the Federal Government did to SMEs, and the staff of DELSU should be considered in salary payment by paying salaries and allowances as they are due, because a spillover in this economic crisis will put a lot of pressure on the staff and their financial freedom will not be guaranteed.
INTRODUCTION TO CHAPTER ONE 3.2 Background to the Research The COVID-19 epidemic caught everyone off guard, and it had a negative impact on economic activity. The virus, which originated in the Chinese city of Wuhan, spread around the globe, killing thousands of people and disrupting economic activity. Nations, particularly those in Europe, America, and Asia, were particularly hard-struck. As a result, the World Health Organization (WHO) advised a halt to economic activity and limited movement of persons inside and beyond the nation. On the 27th of February, 2020, Nigeria received an index case from an Italian who had returned from Milan on the 24th.
A month later, the federal government announced a state of emergency to restrict the spread of the virus, which is transferred from person to person. According to Sinterna (2020), the COVID-19 pandemic has spread globally, impacting almost all nations and territories.
Countries throughout the globe warned people to take appropriate care, including hand washing, wearing face masks, physical distancing, and avoiding big gatherings and meetings. Lockdown and stay-at-home techniques have been used as the necessary measure to flatten the curve and reduce disease spread. According to Lawal and Nwegbu (2020), numerous nations implemented measures to slow the spread of the epidemic. On March 30th, the Nigerian government imposed a statewide lockdown.
It was critical to comprehend the pattern established by the shutdown. Movement restrictions were not only impacted, but gatherings of individuals in one spot were also appropriately restrained. According to Lawal and Nwegbu (2020), the spread of the virus in Nigeria demanded a statewide lockdown proclaimed by the federal government as a preventative step done by governments across the globe.
Nigeria recognized the efficacy of the lockdown when the third confirmed patient, who was officially alerted by the contact tracing team, self-quarantined and subsequently became symptomatic, was carefully isolated and successfully treated, therefore limiting community transmission. The virus is strongly transferred from human droplets, according to Balcan, Colliza, Goncalves, Hu, Ramasco, and Vespignani (2009). Initially, the broadcast was placed over the airtime network and traffic.
According to Ozili (2020), the COVID-19 pandemic had two effects on the world economy. One, the virus’s propagation increased social isolation, resulting in the closure of financial markets, corporate offices, enterprises, and gatherings. Two, the rapid spread of the virus and the increased uncertainty about how terrible things may go led to a flight to safety in consumption and investment among consumers and investors (Ozili and Arun, 2020). Top economists were unanimous in their prediction that the coronavirus epidemic would send the globe into a worldwide recession.
Top IMF economists like as Gita Gopinath and Kristalina Georgieva predicted a worldwide recession in the event of a COVID-19 outbreak. Global stock markets lost around US$6 trillion in worth in one week from February 24th to February 28th. The 500 indexes lost almost $5 trillion in value in the same week in the United States, while the 500’s top ten corporations lost a combined $1.4 trillion3 owing to investor concern and uncertainty over how the epidemic would affect firms’ profits (Ozili and Arun, 2020).
Travel restrictions placed on people’s mobility in many nations resulted in enormous losses for enterprises in the events, aviation, entertainment, hospitality, and sports industries. The total worldwide loss was anticipated to be more than $4 trillion. According to Ozili (2020), there are five major routes in which the COVID-19 pandemic spread into Nigeria. One, the COVID-19 epidemic impacted borrowers’ ability to pay their debts, resulting in non-performing loans (NPLs), which reduced bank profitability and subsequently jeopardized banks’ health and stability.
As a result, banks were hesitant to provide new loans to borrowers as more and more borrowers failed to repay debts made during the COVID-19 pandemic. There were oil demand shocks, which resulted in a dramatic drop in oil prices. The most noticeable and immediate consequence was a reduction in crude oil prices, which fell from about $60 per barrel to as low as $30 per barrel in March. People stopped traveling during the epidemic, resulting in a continuous drop in demand for aviation and automotive fuel, affecting Nigeria’s net oil earnings and, subsequently, Nigeria’s foreign reserve (Ozili, 2020),. There were supply shocks in the global supply chain as major importers, mainly China, shut down their facilities and blocked their borders. Nigeria was badly impacted since it is an import-dependent economy, resulting in a lack of critical supplies from China such as medical supplies, spare parts, and completed items.
The national budget suffered as well. The budget was originally designed with an oil price of $57 per barrel in mind. Because the oil price fell below $30 per barrel during the epidemic, the budget became outdated, and a new budget had to be created, which had to be priced with the low oil price. Finally, the Nigerian stock market was impacted by the COVID-19 epidemic.
When investors withdrew their money from so-called safe havens such as US Treasury bonds, major stock market indexes fell. Investors in Nigeria’s stock market lost nearly NGN2.3 trillion (US$5.9 billion) only three weeks after the first coronavirus case was verified and publicized on January 28, 2020. The market capitalization of listed stocks fell by NGN2.349 trillion to NGN11.308 trillion (US$29.1bn) on Monday 23 March 2020, from NGN13.657 trillion (US$35.2bn) on Friday, February 28, 2020.
The limitation of mobility has an impact on the flow of products from the site of production to the market. According to Kwan, Edeh, Oboh, Pauw, and Thurlow (2020), the limitations have a direct impact on economic production and household income for a considerable proportion of inhabitants who are unable to work and generate an income. Consumer demand is also directly reduced by policies that prohibit customers from spending money on non-essential products and services. Farms, food and medication makers, and food distributors were able to maintain operations as a result of the rules.
Fuel stations, private security firms, and limited banking services to preserve cash availability and enable online transactions were also judged vital and so excluded. According to Kwan, Edeh, Oboh, Pauw, and Thurlow (2020), the pandemic damaged cement, basic and manufactured metals, plastics, glass, and furniture producers. Despite the fact that port and cargo operations were exempt from movement restrictions, port operators and manufacturers reported that the lockdown almost immediately resulted in a backlog of containers and increased congestion at the port, as interstate movement restrictions and fear of harassment resulted in reduced trucking services. Furthermore, despite the fact that producers of food, medicines, and pharmaceuticals, among others, were spared from the limitations, anecdotal data shows that security concerns and supply chain interruptions resulted in enterprises working at or below capacity.
All of the repercussions of the COVID-19 pandemic impacted Delta State University workers, either directly or indirectly. In the issue of transportation, employees who had to go charged exurbanite transit costs, and home food expenses were also an economic burden. 1.2 Formulation of the Problem The global economic disaster caused by the COVID-19 epidemic seemed unimaginable. The lockdown policy and the COVID-19 protocol have had an impact on Nigerian economic operations.
This was done to slow the transmission of the infection. The COVID-19 epidemic, which is wreaking tremendous economic suffering on the people, was the worst that happened in 2020. According to certain views on the effect of COVID-19 on the informal economic sector, the informal economic sector suffered during the lockdown. Some researchers noticed that the official sector, such as universities, was unaffected since their wages were paid. However, the news of the lockdown led commodity price rise, which immediately impacted the employed populace.
As a result, the research attempted to assess the economic effect of the COVID-19 epidemic on Delta State University Abraka workers. 1.3 Research Inquiries The study was led by the following research questions: i. What is the economic effect of COVID-19 on Delta State University staff? ii. What was the economic effect of COVID-19 on teaching and non-teaching personnel? iii. What economic techniques did Delta State University employees use to alleviate the economic effect of the COVID-19 pandemic? 1.4 The Study’s Objective The study’s overarching goal is to assess the economic effect of COVID-19 on Delta State University personnel in Abraka, with the particular goals listed below. To investigate the economic impact of COVID-19 on Delta State University personnel. To investigate the economic effect of COVID-19 on teaching and non-teaching personnel. To investigate the economic measures used by Delta State University employees to alleviate the economic effect of the COVID-19 epidemic. 1.6 Limitations of the Study The research will look at the economic effect of the COVID-19 epidemic on Delta State University’s Abraka workforce.
Furthermore, the research is confined to a one-year period (February 2020 to February 2021). 1.7 Importance of the Study will help the following groups of people: university employees and academic researchers. Because the research focuses on the economic impact of COVID-19 on Delta State University employees, it will assist other university staff in determining how much COVID-19 has damaged staff’s economic lives and how to limit the economic cost, as WHO projections suggest that the virus is here to stay. Second, the study will be used as a reference resource for academic research by student researchers and instructors. Finally, since the pandemic created significant economic hardship for SMEs and family activities, the report will be utilized as data for economic planners. 1.8
Definitions of Terms COVID-19: This is a SARS-2 Corona Virus variant found in Wuham in December 2019. Influence: The effect of a topic on an object, such as COVID-19’s impact on economic activity. Employees of higher education institutions are referred to as university staff. There are two types of staff: teaching and non-teaching. The economy is a broad range of interconnected production and consumption activities that help determine how finite resources are distributed. The production and consumption of products and services in an economy are utilized to meet the requirements of individuals who live and work within it.
The research looked at the economic effect of the COVID-19 epidemic on Delta State University employees. The research sought to determine the difference in the economic effect of COVID-19 on Delta State University employees, the difference between teaching and non-teaching staff, and the economic tactics used by Delta State University staff to offset the economic burden of the COVID-19 pandemic.
The survey research approach was used for the study, and a structured questionnaire was delivered to 120 respondents chosen at random from the 2,213 worker population. The analysis showed that the COVID-19 lockout had a major economic influence on the negation position of Delta State University, Abraka personnel. It was noticed that increases in the cost of consumables, home goods, transportation, and lodging owing to increases in construction materials were a significant burden on the workforce. Staff whose wages were not boosted throughout the time struggled to complete some of their capital projects because they used stringent management tactics at home to minimize excessive costs that may harm their income.
The government at all levels should implement an employee design plan to aid with soft financial support, similar to how the COVID-19 Payroll was developed for SMEs to consider the impact of COVID-19. Strict measures should be implemented as soon as possible to save the economy, such as giving employees loans for investment, as the Federal Government did to SMEs, and the staff of DELSU should be considered in salary payment by paying salaries and allowances as they are due, because a spillover in this economic crisis will put a lot of pressure on the staff and their financial freedom will not be guaranteed.
3.2 Background to the Research
The COVID-19 epidemic caught everyone off guard, and it had a negative impact on economic activity. The virus, which originated in the Chinese city of Wuhan, spread around the globe, killing thousands of people and disrupting economic activity. Nations, particularly those in Europe, America, and Asia, were particularly hard-struck. As a result, the World Health Organization (WHO) advised a halt to economic activity and limited movement of persons inside and beyond the nation. On the 27th of February, 2020, Nigeria received an index case from an Italian who had returned from Milan on the 24th. A month later, the federal government announced a state of emergency to restrict the spread of the virus, which is transferred from person to person. According to Sinterna (2020), the COVID-19 pandemic has spread globally, impacting almost all nations and territories.
Countries throughout the globe warned people to take appropriate care, including hand washing, wearing face masks, physical distancing, and avoiding big gatherings and meetings. Lockdown and stay-at-home techniques have been used as the necessary measure to flatten the curve and reduce disease spread. According to Lawal and Nwegbu (2020), numerous nations implemented measures to slow the spread of the epidemic. On March 30th, the Nigerian government imposed a statewide lockdown. It was critical to comprehend the pattern established by the shutdown. Movement restrictions were not only impacted, but gatherings of individuals in one spot were also appropriately restrained.
According to Lawal and Nwegbu (2020), the spread of the virus in Nigeria demanded a statewide lockdown proclaimed by the federal government as a preventative step done by governments across the globe. Nigeria recognized the effectiveness of the lockdown when the third confirmed case, who was duly notified by the contact tracing team, self-quarantined and later became symptomatic, was cautiously isolated and successfully treated, thereby mitigating community transmission, according to Balcan, Colliza, Goncalves, Hu, Ramasco, and Vespignani (2009). Initially, the broadcast was placed over the airtime network and traffic.
According to Ozili (2020), the COVID-19 pandemic had two effects on the world economy. One, the virus’s propagation increased social isolation, resulting in the closure of financial markets, corporate offices, enterprises, and gatherings. Two, the rapid spread of the virus and the increased uncertainty about how terrible things may go led to a flight to safety in consumption and investment among consumers and investors (Ozili and Arun, 2020). Top economists were unanimous in their prediction that the coronavirus epidemic would send the globe into a worldwide recession.
Top IMF economists like as Gita Gopinath and Kristalina Georgieva predicted a worldwide recession in the event of a COVID-19 outbreak. Global stock markets lost around US$6 trillion in worth in one week from February 24th to February 28th. The 500 indexes lost almost $5 trillion in value in the same week in the United States, while the 500’s top ten corporations lost a combined $1.4 trillion3 owing to investor concern and uncertainty over how the epidemic would affect firms’ profits (Ozili and Arun, 2020). Travel restrictions placed on people’s mobility in many nations resulted in enormous losses for enterprises in the events, aviation, entertainment, hospitality, and sports industries. The total worldwide loss was anticipated to be more than $4 trillion.
According to Ozili (2020), there are five major routes in which the COVID-19 pandemic spread into Nigeria. One, the COVID-19 epidemic impacted borrowers’ ability to pay their debts, resulting in non-performing loans (NPLs), which reduced bank profitability and subsequently jeopardized banks’ health and stability. As a result, banks were hesitant to provide new loans to borrowers as more and more borrowers failed to repay debts made during the COVID-19 pandemic.
There were oil demand shocks, which resulted in a dramatic drop in oil prices. The most noticeable and immediate consequence was a reduction in crude oil prices, which fell from about $60 per barrel to as low as $30 per barrel in March. People stopped traveling during the epidemic, resulting in a continuous drop in demand for aviation and automotive fuel, affecting Nigeria’s net oil earnings and, subsequently, Nigeria’s foreign reserve (Ozili, 2020),.
There were supply shocks in the global supply chain as major importers, mainly China, shut down their facilities and blocked their borders. Nigeria was badly impacted since it is an import-dependent economy, resulting in a lack of critical supplies from China such as medical supplies, spare parts, and completed items. The national budget suffered as well. The budget was originally designed with an oil price of $57 per barrel in mind. Because the oil price fell below $30 per barrel during the epidemic, the budget became outdated, and a new budget had to be created, which had to be priced with the low oil price. Finally, the Nigerian stock market was impacted by the COVID-19 epidemic.
When investors withdrew their money from so-called safe havens such as US Treasury bonds, major stock market indexes fell. Investors in Nigeria’s stock market lost nearly NGN2.3 trillion (US$5.9 billion) only three weeks after the first coronavirus case was verified and publicized on January 28, 2020. The market capitalization of listed stocks fell by NGN2.349 trillion to NGN11.308 trillion (US$29.1bn) on Monday 23 March 2020, from NGN13.657 trillion (US$35.2bn) on Friday, February 28, 2020.
The limitation of mobility has an impact on the flow of products from the site of production to the market. According to Kwan, Edeh, Oboh, Pauw, and Thurlow (2020), the limitations have a direct impact on economic production and household income for a considerable proportion of inhabitants who are unable to work and generate an income.
Consumer demand is also directly reduced by policies that prohibit customers from spending money on non-essential products and services. Farms, food and medication makers, and food distributors were able to maintain operations as a result of the rules. Fuel stations, private security firms, and limited banking services to preserve cash availability and enable online transactions were also judged vital and so excluded.
According to Kwan, Edeh, Oboh, Pauw, and Thurlow (2020), the pandemic damaged cement, basic and manufactured metals, plastics, glass, and furniture producers. Despite the fact that port and cargo operations were exempt from movement restrictions, port operators and manufacturers reported that the lockdown almost immediately resulted in a backlog of containers and increased congestion at the port, as interstate movement restrictions and fear of harassment resulted in reduced trucking services. Furthermore, despite the fact that producers of food, medicines, and pharmaceuticals, among others, were spared from the limitations, anecdotal data shows that security concerns and supply chain interruptions resulted in enterprises working at or below capacity.
All of the repercussions of the COVID-19 pandemic impacted Delta State University workers, either directly or indirectly. In the issue of transportation, employees who had to go charged exurbanite transit costs, and home food expenses were also an economic burden.
1.2 Formulation of the Problem
The global economic disaster caused by the COVID-19 epidemic seemed unimaginable. The lockdown policy and the COVID-19 protocol have had an impact on Nigerian economic operations. This was done to slow the transmission of the infection. The COVID-19 epidemic, which is wreaking tremendous economic suffering on the people, was the worst that happened in 2020.
According to certain views on the effect of COVID-19 on the informal economic sector, the informal economic sector suffered during the lockdown. Some researchers noticed that the official sector, such as universities, was unaffected since their wages were paid. However, the news of the lockdown led commodity price rise, which immediately impacted the employed populace. As a result, the research attempted to assess the economic effect of the COVID-19 epidemic on Delta State University Abraka workers.
1.3 Research Inquiries The study was driven by the following research questions: i. What is the economic effect of COVID-19 on Delta State University employees? ii. What was the economic effect of COVID-19 on teaching and non-teaching personnel? iii. What economic techniques did Delta State University employees use to alleviate the economic effect of the COVID-19 pandemic?
1.4 The Study’s Objective
The study’s overarching goal is to assess the economic effect of COVID-19 on Delta State University personnel in Abraka, with the particular goals listed below.
1.6 Limitations of the Study
The research will look at the economic effect of the COVID-19 epidemic on Delta State University’s Abraka workforce. Furthermore, the research is confined to a one-year period (February 2020 to February 2021).
1.7 Importance of the Study will help the following groups of people: university employees and academic researchers. Because the research focuses on the economic impact of COVID-19 on Delta State University employees, it will assist other university staff in determining how much COVID-19 has damaged staff’s economic lives and how to limit the economic cost, as WHO projections suggest that the virus is here to stay. Second, the study will be used as a reference resource for academic research by student researchers and instructors. Finally, since the pandemic created significant economic hardship for SMEs and family activities, the report will be utilized as data for economic planners.
1.8 Definitions of Terms
COVID-19 is a SARS-2 Corona Virus variant found in Wuham in December 2019.
Influence: The effect of a topic on an object, such as COVID-19’s impact on economic activity.
Employees of higher education institutions are referred to as university staff. There are two types of staff: teaching and non-teaching.
The economy is a broad range of interconnected production and consumption activities that help determine how finite resources are distributed. The production and consumption of products and services in an economy are utilized to meet the requirements of individuals who live and work within it.
