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

Ummi Ibrahim Atah, Aisha Aliyu Galadanci, Shafa’atuHabib Bello and Safiyyaabubakar Abba
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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

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 7, 950-958

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.

Date: 2024
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