1.1 Background of the study
A pandemic is a disease outbreak that spreads across countries or continents. It affects more people and takes more lives than an epidemic which according to the World Health Organization (WHO), declared COVID-19 to be a pandemic when it became clear that the illness was severe and that it was spreading quickly over a wide area.
The shocking and sudden outbreak of the Coronavirus pandemic (Covid-19) in late 2019 and early 2020 left countries of the world in a confused state. Nigeria joined most countries of the world to witness a health pandemic in 2020, . Economic pandemic are normal Nigeria situation but health pandemic was definitely not part of her experience. However, the Covid-19 was declared by the World Health Organization (WHO) on 30th January 2020 as a Public Health Emergency of International Concern (PHEIC). On 27th February 2020, the Federal Ministry of Health announced the confirmation of the first case of Coronavirus disease in Lagos State, Nigeria. In the same communication, the Minister of Health announced that the Multi-sectoral Coronavirus Preparedness Group led by the Nigeria Center for Disease Control (NCDC) has immediately activated its National Emergency operations Center.
Since then, in less than 2 months, Nigeria has reached more than 50 cases across the country. Tracing back to previous experiences in Nigeria, some of the economic pandemic Nigeria has witnessed include the 2016 recession, the monetary authority in Nigeria defended the local currency from forced devaluation against the dollar and adopted a managed float foreign exchange system, which worked well from 2016 to 2019. In the aftermath of the 2016 recession in Nigeria, it was almost widely believed that unexpected and sustained decline in oil price was the most important cause of recessions in Nigeria. Nigeria witnessed two economic crises within a decade. The economic crisis of 2009 was as a result of the global financial crisis while the economic crisis in 2016 was as a result of the sudden fall in oil price in the world market. The 2009 recession was caused by a combination of the after-effect of the 2007-8 global financial crisis, poor loan underwriting process in banks, bad risk management practices and poor corporate governance of banks (Sanusi, 2010). Banks were a major cause of the 2009 economic crisis. The 2016 economic crisis was caused by unexpected decline in oil price which led to a sharp drop in oil revenue which severely affected Nigeria’s foreign reserve (Adeniran and Sidiq, 2018). This led to massive balance of payment deficits combined with an already high debt burden which plunged Nigeria into its second recession in a decade.
The outbreak of pandemic Covid-19 all over the world has disturbed the educational, political, social, economic, religious, and financial structures of the whole world. The world’s topmost economies such as the US, China, UK, Germany, France, Italy, Japan, and many others are on the verge of collapse. Besides, Stock Markets around the world have been pounded and oil prices have fallen off a cliff. In just a week 3.3 million Americans applied for unemployment and a week later another 6.6 million people started searching for jobs. Also, many experts on economic and financial matters have warned about the worsening condition of global economic and financial structure.
What made the 2020 economic crisis different from other economic crises or recessions in Nigeria was that most economic agents, who should have helped to revive the economy, were unable to engage in economic activities due to fear of contracting the Covid-19 disease, while other economic agents did not engage in economic activities when the government imposed and enforced its social distancing policy and movement lockdown in Abuja, Lagos and Ogun states on the 30th March of 2020.
Ferguson et al.(2020) restated that pandemics are not new and have occurred at different stages in human history (Ferguson et al., 2020). While there have been many outbreaks and human catastrophes, there has been a notable rise in the frequency of pandemics from the year 2000 and thereafter. This is particularly due to increased emergence of viral disease amongst animals (Madhav et al., 2017). Given the rise in the frequency of pandemics, many researchers including Garrett (2007), Keogh-Brown et al. (2008) and most recently Madhav et al. (2017) and Fan et al. (2018) argue that a large-scale global pandemic was inevitable. Ferguson et al. (2020) from the Imperial College London COVID-19 Response Team claim that COVID-19 is the most serious episode since the 1918 Spanish Influenza pandemic. Despite the comparisons, Barro (2020) concludes that the non-pharmaceutical interventions implemented during 1918 Spanish Influenza pandemic were not successful in reducing overall deaths. This was because the interventions were not maintained for a sufficiently long period of enough time. He estimates that the mean duration of school closings and prohibitions of public gatherings including hotels was only 36 days, whereas the mean duration of quarantine/isolation was 18 days (0.05 years). Barro et al. (2020) estimate that, holding everything else constant, the 2.1 percent death rate during the Spanish Influenza pandemic in 1918-1920 would translate to roughly 150 million deaths worldwide (compared to the World’s population of 7.5 billion in 2020) during COVID-19 pandemic. Barro et al. (2020) also find that, on average, the 2.1 percent death rate corresponds to 6 percent decline in GDP and 8 percent fall in private consumption. According to Jonas(2013), the impact ranges from: avoidance reaction due to social distancing measures (e.g., individuals might forgo consumption and purchases and use of certain goods and services including hotel patronage); small direct costs (e.g., hospitalization and medical costs); larger indirect costs (loss of labor, production), and offsetting and cascading effects (disruption of services, travel and others).
1.2 Statement of the problem
A sudden and unexplained outbreak of the Coronavirus (Covid-19) which stroke the world in the ending part of 2019 and early 2020 can best be described as an unforeseen and preparatory task for countries, governments, entrepreneurs, individuals, and students. Outbreaks of the disease spread throughout the world, causing education, politics and economic activity in many countries of the world to be on hold . Covid-19 infection causes fear, limitation, anxiety, and death to people and communities around the world. Activities of countries were limited except for the basics. Organizational such as banks, ministries, and schools, were all shut down during the spread of the virus.
The economy of countries were in high decline. Private school owners found it difficult to survive during the period of the pandemic because schools were in total shut-down to reduce to rate of the virus transmission. There was no means of income. Teachers were all at their homes with no means of earning because they were not being paid salaries, many teachers had to earn income by engaging in home lessons for survival. Students were at home during these period and most students could not engage on online classes due to their parents were not financially buoyant to provide them with the necessary gadgets for the classes. Those that could not engage in online classes were not able to learn and they lag behind in their studies and academic programme. This study seeks to investigate into the impact of Coronavirus on private school owner, economy, teachers and students.
1.3 Research Questions/ Hypotheses
The following research questions guide this study:
1. Did the covid-19 outbreak affect the income of private school owners?
2. Did the covid-19 outbreak stop the monthly salaries of teachers?
3. Did covid-19 disrupted the academic programme of students?
4. What kind of impact does covid-19 have on Nigerian economy?
This study developed for testing the following null hypotheses:
H0: Covid-19 has no significant negative impact on private school owners, economy, teachers and students
HA: Covid-19 has significant negative impact on private school owners, economy, teachers and students
1.4 Purpose of the study
The primary purpose of this study is to investigate the impact of coronavirus on private school owners, economy, teachers and students. Specifically, to:
1. Discover if the covid-19 outbreak affected the income of private school owners.
2. Examine if the covid-19 outbreak stopped the monthly salaries of teachers.
3. Find out if covid-19 disrupted the academic programme of students.
4. Investigate the impact of covid-19 on Nigerian economy.
1.5 Significance of the study
This study on the impact of coronavirus on private school owners, economy, teachers and students will be of immense benefit for the government to see the need to prepare for alternative response measures to emergencies in the country counting from the rate of hazards the sudden outbreak of the Covid-19 wrecked on the country and all the sectors of the economy. Also, the study will benefit educational policy makers to encourage e-learning in all the states of the federation, both in the primary, secondary, and tertiary institutions. This study will also be of significance to private school owners, teachers, students and the general public by bringing to their notice the kind of impact the outbreak of covid-19 have on the educational system of Nigeria and the lives of the teachers and students. Furthermore, this study will add to existing literature on this area of research and as a reference material to researchers and students who might carry out further research on this topic or related domain.
1.6 Scope and delimitation of study
This study focuses on the kind of impact the outbreak of Covid-19 have on private school owners, economy, the teachers and students. This study is delimited to selected private schools in Ifelodun Local Government Area In Osun State.
1.7 Limitation of the study
Finance, time, availability of materials and the current covid-19 pandemic served as a major constraint to the researcher while carrying out this study. The researcher was unable to survey more schools and state outside the sampled location of this study.
1.8 Operational Definition of terms
Coronavirus: Coronavirus disease (COVID-19) is an infectious respiratory disease caused by a newly discovered coronavirus that broke out out 2019.
Private school: A private school is a school which is not supported financially by the government and which parents have to pay for their children to go to.
Teachers: A teacher is a person who helps students to acquire knowledge, competence or virtue. Informally the role of teacher may be taken on by anyone
Students: A student is primarily a person enrolled in a school or other educational institution and who is under learning with goals of acquiring knowledge, developing professions and achieving easy employment at a particular field.
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