BUSINESS OPERATION AND WORK FORCE IN NIGERIA DURING COVID-19 PANDEMIC: DOES GOVERNMENT'S COVID-19 BUSINESS STIMULUS MEASURE IN NIGERIA MATTER FOR BUSINESS?
DOI:
https://doi.org/10.47672/ejhs.1019Keywords:
COVID-19 pandemic, business operation, workforce, job losses, government stimulusAbstract
Purpose: Does COVID-19 pandemic affect business operation in Nigeria? What is the relationship between COVID-19 pandemic and workforce in Nigeria? What is the impact of government COVID-19 business stimulus on businesses in Nigeria? Through these questions, the objective of this research was to identify how COVID-19 pandemic affected business operation and workforce, as well as identifying how business collapse caused by the pandemic can be reduced via stimulus measure and putting good policies in place to actualise it.
Methodology: For the research design, this study adopted quantitative method with large sample size and utilized regression analysis. The study has a sample size of 150 businesses using a structured questionnaire with random sampling technique to investigate the impact of COVID-19 pandemic on business operation and workforce, as well as the effect of government COVID-19 business stimulus on businesses in Nigeria. This study used logistic regression analysis as the method of data analysis.
Findings: The logistic regression result computed from the survey data from the respondent businesses revealed that COVID-19 exerted negative impact on both the business operation and workforce in Nigeria. Furthermore, result indicated that government COVID-19 business stimulus exerted positive impact on businesses, thereby reduced business collapse.
Unique contribution to practice and policy: Its unique contribution to practice and policy is that policy makers will shift in line with the findings. Policy makers should ensure that policies that mitigate business collapse in the advent of a pandemic are put in place and adhered to help check business failure associated with the pandemic.
Downloads
References
Abideen, S. O. (2020). Coronavirus (COVID-19) and the Survival of Small and Medium Enterprises in Abeokuta, Ogun State Nigeria, .Scholars Journal of Economics, Business and Management, 7, 209-214.
Abioye, O., Ogunaiyi, A. & Olagunja, K. (2021) Estimating the impact of COVID-19 on small and medium scale enterprises, evidence from Nigeria. Paper for presentation at economic and research branch agric-food and business institute, Belfast
Adenomon, M. ; Maijamaa, B. & John, D. (2020). On the Effects of COVID-19 outbreak on the Nigerian Stock Exchange performance: Evidence from GARCH Models. Preprints 2020, 2020040444 (doi: 10.20944/preprints202004.0444.v1
Apuva, P., & Shararen, K. (2021) Implication of COVID-19 on field and office workforce in construction industry, Project Leadership Society, Vol. 2 December.
Bloom, D. E., Canning, D., & Sevilla, J. P. (2001).The Effect of Health on Economic Growth: Theory and Evidence, NBER Working Paper No. w8587.
Bogoch, I. I., Watts, A., Thomas-Bachli, A., Huber, C., Kraemer, M. U., & Khan, K.(2020). Pneumonia of Unknown Aetiology in Wuhan, China: Potential for International Spread via Commercial Air Travel. Journal of Travel Medicine, 27, taaa008.
Brounen, D., & Derwall, J. (2010). The Impact of Terrorist Attacks on International Stock Markets. European Financial Management, 16, 585-598.
Chukwuka, O. & Ekereuche M. A. (2020) Understanding the impact of the COVID-19 outbreak on the Nigerian Economy. 8 April 2020. www.brookings.edu. (Accessed January 7, 2022)
Craighead, C. W., Ketchen Jr., D. J., & Darby, J. L. (2020). Pandemics and Supply Chain Management Research: Toward a Theoretical Toolbox, Decision Sciences, 51, 838-866.
FATE Foundation and BudgIT (2020). Impact of COVID-19 on Nigerian MSMEs
Guardian Newspaper (2021) UK corona-virus job losses, Available [Online] www.theguardian.com (accessed: 18 January 2022)
Lakuma C.P., Sunday N., Sserunjogi B., Kahunde R., & Munyambonera E. (2020). Impact of COVID-19 on micro, small, and medium businesses in Uganda. Special Issue No. 01 May, 2020
Mckinsey Publication (2020) COVID-19 in the UK the impact on people and jobs at risk. Available [Online] www.mmckinsey.com (accessed 20 January 2022)
NAFDAC (2020). Launch Of Palliatives For MSMEs: Job Creation By Professor Mojisola Christianah Adeyeye Director General NAFDAC, At NAFDAC Head Office Lagos. https://www.nafdac.gov.ng/launch-of-palliatives-for-msmes-job-creation-by-professormojisola-christianah-adeyeye-director-general-nafdac-at-nafdac-head-office-lagos/ (accessed on January 12, 2022)
Obasi, N. N. (2022) Empirical factors influencing food security in Nigeria. Do local farmer investors in farming activities mitigate food shortages? Evidence in the short and long run, American Journal of Agriculture, Vol. 4, Issue 1, pp. 24-46.
Obiakor, (2020) COVID-19 and the Informal Sector in Nigeria: The Socio-Economic Cost
Implications. https://businessday.ng/opinion/article/COVID-19and-the-informal-sector-in-nigeria-the-socio-economic-cost-implications (accessed January 21 2022)
Ozigi, E. E., & Umar, A (2021) Effects of COVID-19 pandemic on the performance of small and medium business enterprises in Abuja, FCT, Nigeria. Open Journal of Business and Management, 9, pp. 2261-2276
Ozili, Peterson K, (2020) COVID-19 Pandemic and Economic Crisis: The Nigerian Experience and Structural Causes (April 2, 2020). Available at SSRN: https://ssrn.com/abstract=3567419 or http://dx.doi.org/10.2139/ssrn.3567419 (accessed February 2, 2022)
Srivastava, S., & Agarwal, N. (2020). Psychological & Social Effects of Pandemic COVID-19 on Education System, Business Growth, Economic Crisis & Health Issues Globally, An International Journal of Management & IT A Refereed Research Journal, 11, 40-45.
Tversky, A., & Kahneman, D. (1992). Advances in Prospect Theory: Cumulative Representation of Uncertainty. Journal of Risk and Uncertainty, 5, 297-323.
UNDP (2019) Analysing long term socio-economic impact of COVID-19, Available at www.undp.org (accessed February 3 2022)
UNDP (2021) The impact of COVID-19 on business enterprises in Nigeria. A United Nations Development Programme, National Bureau of Statistics, pp. 1-63
Von Neumann, J., & Morgenstern, O. (2007).Theory of Games and Economic Behaviour.Princeton University Press.
Xia, Y., Xiao, T., & Zhang, G. P. (2013). Distribution Channel Strategies for a Manufacturer with Complementary Products. Decision Sciences, 44, 39-56.
Zhu, K., & Weyant, J. P. (2003). Strategic Decisions of New Technology Adoption under Asymmetric Information: A Game-Theoretic Model, Decision Sciences, 34, 643-675.
Downloads
Published
How to Cite
Issue
Section
License
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution (CC-BY) 4.0 License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
