Covid-19 pandemic which struck Nigeria last year affected every sphere(Economically, Academically, Socially and Otherwise) of our human existence as a nation.
The area of our life that has been the most hit by this dreaded virus is the Nigerian Economy. It was made worst due to the dependency of the nation on importation of Goods. Most country still has strict visa restrictions on the number of foreigners allowed in their country at a time. This has reduced the quantity of goods in the market their by increasing the price of these goods.
The manufacturing industry are also not left out of this economic problems. Some of the raw materials are gotten outside the shores of the nation and so due to the difficulties faced in acquiring these raw materials, the price of goods manufactured in Nigeria has also increased greatly.
The employees has been the worst hit by this economic woes. While the business men and manufacturers increase the price of their goods to maximize profit, the employees on the other hand are stuck on their fixed salary. First let us look at Government workers also known as Civil Servants: The minimum wage was fixed recently and increase on this prices might not lead to another upward review of their salary. So the employees tries to minimize their spending and in so doing, manufacturers and business owners are not making enough money.
Manufacturing Process of a Vehicle.
And since these manufacturers are not making enough profit, some of their employees has been sent packing.
For the Private firm: The private workers are characterized by paltry remunerations that sometimes won't be enough to feed the employees. The salary or wages as the case may be might not receive an upward review for up to 5 years. The economic consequence is that the employees of private firms or institutions might not spend as much as they would before the pandemic.
The Government also has suffered greatly from this economic downturn. There was a confession by the Edo State Governor that made headlines that the Federal Government went as far as printing 60 billion naira so as to give to the states to help them in this hard times. The assertion by the Edo State Governor might not be lie because the current economic situation of the world(Nigeria inclusive) is no more palatable. Taxes has reduced greatly, Oil and other mineral resources that we export are no more in great demand, these has affected the much needed development that we Nigerians crave for. Because money is needed for developmental projects.
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