IDEAS home Printed from https://ideas.repec.org/a/bcp/journl/v8y2024i7p950-958.html

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijriss/Digital-Library/volume-8-issue-7/950-958.pdf
    Download Restriction: no
    File URL: https://rsisinternational.org/journals/ijriss/articles/assessing-the-extended-economic-cost-of-corona-virus-pandemic-on-the-oil-industry-in-nigerian-a-qualitative-enquiry/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    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. repec:bge:wpaper:1168 is not listed on IDEAS
    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.
    5. 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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Fisayo Fagbemi, 2021. "COVID-19 and Sustainable Development Goals (SDGs): An Appraisal of the Emanating Effects in Nigeria," Research Africa Network Working Papers 21/026, Research Africa Network (RAN).
    2. Fisayo Fagbemi, 2021. "COVID-19 and Sustainable Development Goals (SDGs): An Appraisal of the Emanating Effects in Nigeria," Working Papers of the African Governance and Development Institute. 21/026, African Governance and Development Institute..
    3. Fisayo Fagbemi, 2021. "COVID-19 and Sustainable Development Goals (SDGs): An Appraisal of the Emanating Effects in Nigeria," Working Papers 21/026, European Xtramile Centre of African Studies (EXCAS).
    4. Funsho Idowu Obakemi & Sunkanmi Afis Fowosere & Timothy Terwase Nev, 2022. "Covid-19 Lockdown Palliative And Households' Wellbeing: A Microeconomic Analysis," Ilorin Journal of Economic Policy, Department of Economics, University of Ilorin, vol. 9(1), pages 1-16.
    5. Agunyai Samuel Chukwudi & Ojakorotu Victor, 2022. "Budgetary Allocations and Government Response to COVID-19 Pandemic in South Africa and Nigeria," JRFM, MDPI, vol. 15(6), pages 1-18, June.
    6. Velasco, Andrés & Chang, Roberto, 2020. "Economic Policy Incentives to Preserve Lives and Livelihoods," CEPR Discussion Papers 14614, Centre for Economic Policy Research.
    7. Abere Omotayo Johncally & Ojikutu Abdul Rasheed Kola, 2021. "Covid-19 Pandemic: Assessment of Its Impact and Insurability of Pandemic Risks in the Nigerian Insurance Business," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 11(4), pages 66-80.
    8. Mohammed, Mikidadu & Barrales-Ruiz, Jose A., 2020. "Pandemics and Oil Shocks," EconStor Preprints 222268, ZBW - Leibniz Information Centre for Economics.
    9. repec:bcp:journl:v:7:y:2023:i:3:p:1330-1345 is not listed on IDEAS
    10. Donato Masciandaro, 2020. "Covid-19 Helicopter Money, Monetary Policy And Central Bank Independence: Economics And Politics," BAFFI CAREFIN Working Papers 20137, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    11. Joshua Bernstein & Alexander W. Richter & Nathaniel A. Throckmorton, 2020. "COVID-19: A View from the Labor Market," Working Papers 2010, Federal Reserve Bank of Dallas.
    12. Roberta Capello & Andrea Caragliu, 2021. "Regional growth and disparities in a post‐COVID Europe: A new normality scenario," Journal of Regional Science, Wiley Blackwell, vol. 61(4), pages 710-727, September.
    13. Oleksiuk Adam & Pleśniak Agnieszka, 2022. "Environment Characteristics and Internationalization of SMEs: Insights from a Polish and Finnish Sample," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 30(3), pages 175-194, September.
    14. Amorim Souza Centurião, Daniel & Andressa Welter, Caroline & Boldrine Abrita, Mateus, 2020. "Business challenges and policy suggestions in face of the Covid-19 pandemic," MPRA Paper 109227, University Library of Munich, Germany, revised 30 Aug 2020.
    15. Dong, Zhanyu & Cai, Jiayi & Li, Xuchao & Luan, Mengna, 2025. "Firm-level impacts and recovery dynamics following a public health crisis: Lessons from China’s SARS experience," Journal of Asian Economics, Elsevier, vol. 98(C).
    16. Li, Haojie & Zhang, Yingheng & Zhu, Manman & Ren, Gang, 2021. "Impacts of COVID-19 on the usage of public bicycle share in London," Transportation Research Part A: Policy and Practice, Elsevier, vol. 150(C), pages 140-155.
    17. Abel Brodeur & David Gray & Anik Islam & Suraiya Bhuiyan, 2021. "A literature review of the economics of COVID‐19," Journal of Economic Surveys, Wiley Blackwell, vol. 35(4), pages 1007-1044, September.
    18. Veronica Guerrieri & Guido Lorenzoni & Ludwig Straub & Iván Werning, 2022. "Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages?," American Economic Review, American Economic Association, vol. 112(5), pages 1437-1474, May.
    19. Jacopo Bonchi & Giacomo Caracciolo, 2021. "Declining natural interest rate in the US: the pension system matters," Temi di discussione (Economic working papers) 1317, Bank of Italy, Economic Research and International Relations Area.
    20. Elangwe Cyntia Malike & Ongo Nkoa Bruno Emmanuel & Minkoua Nzie Jules Rene, 2024. "From Policy to Practice: The Influence of Institutional Quality on the Management of Migration in Africa," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(11), pages 1471-1490, November.
    21. Barua, Suborna, 2020. "Understanding Coronanomics: The economic implications of the coronavirus (COVID-19) pandemic," MPRA Paper 99693, University Library of Munich, Germany.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bcp:journl:v:8:y:2024:i:7:p:950-958. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Pawan Verma (email available below). General contact details of provider: https://rsisinternational.org/journals/ijriss/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.