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Assessing The Extended Economic Cost of Corona Virus Pandemic on The Oil Industry in Nigerian: A Qualitative Enquiry

Author

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  • Ummi Ibrahim Atah

    (Department Of Economics Saadatu Rimi University Of Education Kumbotso, Kano State)

  • Aisha Aliyu Galadanci

    (Department Of Economics Saadatu Rimi University Of Education Kumbotso, Kano State)

  • Shafa’atuHabib Bello

    (Department Of Economics Saadatu Rimi University Of Education Kumbotso, Kano State)

  • Safiyyaabubakar Abba

    (Department Of Economics Saadatu Rimi University Of Education Kumbotso, Kano State)

Abstract

The aim of this paper is to assess the extended economic costs of the coronavirus (COVID-19) pandemic on the oil industry in Nigeria through a qualitative inquiry. The study seeks to explore the multifaceted impacts of the pandemic on oil revenue, socio-economic conditions in oil-dependent communities, and the effectiveness of policy responses. The research aims to provide a comprehensive understanding of the long-term implications and necessary strategic adjustments for recovery and sustainability in Nigeria’s oil sector. The study adopts qualitative method of inquiry by using secondary data through reviewing various relevant literatures, reports and working papers. The study found that the pandemic led to a significant decline in oil revenue, created high unemployment rates, logistical challenges, reduced household incomes and despite ggovernment effort in providing sound policies and other financial assistances to revamp the economy, the economy is still deteriorating because of the bureaucratic inefficiencies and delays in implementation of the measures taken to curb the effect of the pandemic.

Suggested Citation

  • Ummi Ibrahim Atah & Aisha Aliyu Galadanci & Shafa’atuHabib Bello & Safiyyaabubakar Abba, 2024. "Assessing The Extended Economic Cost of Corona Virus Pandemic on The Oil Industry in Nigerian: A Qualitative Enquiry," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(7), pages 950-958, July.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:7:p:950-958
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    References listed on IDEAS

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    1. Luca Fornaro & Martin Wolf, 2020. "Covid-19 coronavirus and macroeconomic policy," Economics Working Papers 1713, Department of Economics and Business, Universitat Pompeu Fabra.
    2. Oliver E. Ogbonna & Jonathan E. Ogbuabor & Afamefuna A. Eze & Walter O. Ugwuoke, 2021. "Moderating Effect of Institutional Quality on Relationship Between Foreign Aid and Economic Growth in Africa," Politická ekonomie, Prague University of Economics and Business, vol. 2021(4), pages 457-478.
    3. Charles O. Manasseh & Nnenna G. Nwonye & Felicia C. Abada & Ogochukwu Okanya & Anuli R. Ogbuagu & Felicia U. Eze-Dike & Osmond N. Okonkwo & Otene Samson & Okechukwu J. Akamike & John O. Okoh & Peter O, 2022. "Evaluating Oil Price Movement and Revenue Generation in Nigeria during Covid-19 Pandemic: Experience from Pre and Post Era," International Journal of Energy Economics and Policy, Econjournals, vol. 12(3), pages 57-65, May.
    4. Peterson K. Ozili, 2020. "COVID-19 pandemic and economic crisis: the Nigerian experience and structural causes," Journal of Economic and Administrative Sciences, Emerald Group Publishing Limited, vol. 37(4), pages 401-418, October.
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