Microeconomic Impact of Covid-19 Pandemic: Nigeria Experience
| Main Author: | Dr Fogbonjaiye, Seun Samuel |
|---|---|
| Format: | Article Journal |
| Bahasa: | eng |
| Terbitan: |
, 2021
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| Subjects: | |
| Online Access: |
https://zenodo.org/record/5801425 |
Daftar Isi:
- The economic and psychological needs of household unit witness changes due to the COVID-19 pandemic. Parents and children’s need for quality access to health care, nutrition and wellbeing was hampered due to lock down policies and restrictions in movement. The world order changed completely leaving healthy people fearful of contacting COVID-19 while sick ones hoped for care and healing. Globally, health and wealth was challenged and economic activities altered with much online and swift migration to a digital economy where production is completed with less human contact. This study focuses on the microeconomic burden of COVID-19 pandemic in Nigeria. The financial and economic cost of COVID-19 attack on households was huge and tends towards mortality. Data on cases collected through secondary sources shows the pandemic is spreading. Information was collected on each household’s expenditure to prevent COVID-19 attack, the cost of protection and time lost due to the illness for those who tested positive. The findings showed that despite government subsidy on vaccine, the direct cost of treatment, direct protection cost and indirect cost is huge and unbearable for individual household. The total cost of illness per episode revealed that each individual needs to have a budget since an average of 14 days is lost per episode due to quarantine. Thus, COVID-19 has huge economic burden. Though, the government health policy and program have been put in place to curtail the spread and impact on the economy, it should also intensify its effort through the implementation of a domestically inclined, efficient and effective prevention and control program to further reduce the burden on the households in Nigeria.