Abiodun O. Bankole and Gbadebo O. Odularu
The Millennium Development Coals (MDGs) are a potentially powerful tool for economic development. There is the growing awareness about the economic importance of tourism in…
Abstract
The Millennium Development Coals (MDGs) are a potentially powerful tool for economic development. There is the growing awareness about the economic importance of tourism in Nigeria. Though the industry is fraught with certain challenges, which are seemingly insurmountable, it has a crucial role to play in helping Nigeria to achieve the 2015 anti‐poverty MDGs. This paper discusses some of the potential benefits of the tourism industry in Nigeria as well as an overview of the industry. Furthermore, it states the MDGs and its limitations. Furthermore it will discuss some of the problems that could impede the growth of the tourism sector. As Nigeria is becoming keenly aware of the substantial development potentials of tourism, this paper presents some recommendations to be considered in order to reap these potentials and facilitate the process of achieving the MDGs.
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Evans Osabuohien, Gbadebo Odularu, Daniel Ufua and Romanus Osabohien
Daniel Ufua, Olusola Joshua Olujobi, Romanus Osabohien, Gbadebo Odularu and Evans Osabuohien
This chapter explores the adverse effects of COVID-19 lockdown on Nigerian households and offers suggestions for tackling the household conflicts, which is relevant to the…
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This chapter explores the adverse effects of COVID-19 lockdown on Nigerian households and offers suggestions for tackling the household conflicts, which is relevant to the society, and its contributions towards the broad economic activities in Nigeria. It adopts a conceptual approach, relying on extant literature and other relevant materials. The research draws on these references to project a model of the critical effects of COVID-19 faced by Nigerian households during COVID-19 pandemic. The study highlights the fundamental issues responsible for conflict among households in Nigeria during the COVID-19 pandemic lockdown. Also, it unearths learning about the critical sources of household conflict; and explores the effects on households in Nigeria due to the lockdown. Weak enforcement of the provision of extant laws to curb domestic violence in Nigeria and inadequate punishments prescribed in the laws to discourage household conflicts. The chapter concludes with the need for a better legal framework that can regulate household conflicts. It, also, emphasises on increased government effort to intervene in household challenges, especially during an emergent issue such as COVID-19 pandemic. The study also suggested the need for a broad social services structure in Nigeria that can provide social security to households during an unexpected emerging situation such as COVID-19. The Violence Against Persons laws should be stringently enforced to discourage violence, to protect members of every household in Nigeria and to compensate the victims adequately for any loss or injury suffered due to violation of their rights.
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Gbadebo Odularu, Evans Osabuohien, Daniel Ufua and Romanus Osabohien
Following the onset of the coronavirus pandemic, including the evolving health safety regulations, opening and closing of businesses, shortage of healthcare workers, especially…
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Following the onset of the coronavirus pandemic, including the evolving health safety regulations, opening and closing of businesses, shortage of healthcare workers, especially nurses, restrictions on international travels, and the associated elimination of tourism services, it has been an unprecedented period for companies, communities and governments. These research chapters discuss socioeconomic shocks and development from Africa's experiences with the COVID-19 pandemic. This book has presented national and regional issues that cut across selected United Nations Sustainable Development Goals (UN SDGs), with a specific focus on public health systems, food security, peace or conflicts resolutions, gender diversity, state effectiveness, micro, small and medium enterprises (MSMEs), poverty alleviation, foreign direct investment (FDI), trade and its facilitation, environmental sustainability, green recovery plan and financial inclusion. Based on these coronavirus pandemic related development challenges as contained in this book, the purpose of this conclusion chapter is three-folds: (1) wrap up this edited book project; (2) suggest relevant preparedness strategies for Africa if similar pandemic occurs in the future; (3) propose emerging areas of future research.
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The lockdown and physical distancing precautions to curtail the increase of COVID-19 in Africa nearly shut down economies across the continent, caused slow trade, and triggered…
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The lockdown and physical distancing precautions to curtail the increase of COVID-19 in Africa nearly shut down economies across the continent, caused slow trade, and triggered mass poverty. Hence, the need for Africa to be interconnected with the world economy by reforming its legal systems for swift post-COVID-19 economic recovery, to utilise the legal system in addressing socio-economic shocks. The weaknesses in Africa's legal systems in response to socio-economic shocks uncovered a critical threat to humanity, despite efforts, limited resources and strategies put in place. This research adopts a library-based doctrinal legal research technique with a critical review and conceptual approach by relying on the existing literature. The aim is to explore the potency of the existing legal frameworks, such as the African Continental Free Trade Agreement and the Economic Community of West African States Protocol, to combat socio-economic shocks in Africa's Economy. The study carries out a comparative appraisal of the legal system in Ghana, Angola, Kenya, South Africa and Nigeria for useful insights in suggesting conversion of the pandemic to blessings by reforming their legal systems to embrace technologies to guarantee speedy economic recovery strategies. The study proposes a model for speedy economic recovery via legal instruments to support commercial activities. It ends with recommendations such as the reformation of the legal system to mitigate jobs losses and embrace technologies. Adopting alternative dispute resolution mechanisms, strict implementation of African Continental Free Trade Agreement for economic resilience against future economic shocks.
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Felicia O. Olokoyo, Rowland E. Worlu, Valerie Onyia Babatope and Oghenekparobo E. Agbogun
This chapter examined the financial effects of COVID-19 pandemic on the Nigerian tourism by disaggregating the tourism sector into transportation industry, accommodation industry…
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This chapter examined the financial effects of COVID-19 pandemic on the Nigerian tourism by disaggregating the tourism sector into transportation industry, accommodation industry, travelling agencies, resorts/tourist site and regulatory agencies. Specifically, this study only targeted 240 key players in the Nigerian Tourism sector in Lagos state while the sourced data were analysed using Pearson correlation analysis. The result revealed that the emergence of COVID-19 pandemic has a negative statistical influence on both the transportation and accommodation industry. The financial implication of this result is that the emergence of COVID-19 pandemic increased the cost of transport, sharply reduced revenue inflow into the transportation and accommodation industry Again, the emergence of COVID-19 pandemic exerted positive significant influence on Travel agency and resort/tourist site. However, the emergence of COVID-19 pandemic exerted positive insignificance influence on regulatory agency. Hence, the study concluded that the emergence of the COVID-19 pandemic increased the cost of transport, sharply reduced revenue inflow into accommodation industry, increased travel agency and resort/tourist site costs. Premised on this, the study recommends that the federal government should ensure that the cost of transportation is subsidized, as this would help to correct the negative effect of COVID-19 on the Nigerian transportation industry.
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Ifeoluwapo Oluwaseun Amao, Iyabo Bosede Adeoye, Bala Abdulahi Idris, Temitope Olorunwa Yomi-Owojori and Olubunmi Lawrence Balogun
Socio-economic shocks have been the sources of burden to smallholder farmers, and the recent COVID-19 pandemics, can be termed a shock that could lead to distortions in the…
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Socio-economic shocks have been the sources of burden to smallholder farmers, and the recent COVID-19 pandemics, can be termed a shock that could lead to distortions in the operations of the commodity value chain. The study, therefore, examined the effect of the COVID-19 pandemic on income and access to economic input such as labour, seeds, fertilisers, herbicides, before and during the COVID-19 pandemic. The study was carried out in Kano State, Nigeria. Multi-stage sampling technique was employed in the selection of 260 respondents comprising producers (115), marketers (60), processors (46) and transporters (29). Primary data were collected from stakeholders in tomato value chain through the use of a structured questionnaire. Data collected were analysed using descriptive statistics. Findings revealed that tomato value chain in Kano State, Nigeria, is male-dominated. The average age of stakeholders ranged between 43 years (transporters) and 51 years (processors). Results further revealed a significant relationship in income of marketers' pre- and during COVID-19 pandemic. However, non-significant relationship was observed in the income of producers, processors and transporters prior and during COVID-19 pandemic. There was also no significant difference in the economic value of seeds, manure and fertiliser before and during COVID-19 pandemic. The most important constraints to the producers were the high cost of farm chemical procured while the marketers were confronted with high cost of transportation. The processors were faced with high processing cost and transporters experienced request for undue levies by market authorities. The study recommends that mechanism be devised to improve availability of inputs to producers and dissemination of adequate market information to stakeholders in the tomato value chain regularly to improve contribution of the commodity to food security and economic development.
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Akintoye Victor Adejumo, Oluwabunmi O. Adejumo and Uchenna R. Efobi
Informal associations are typical features of farm and non-farm ventures especially within rural communities. Owing to the informality of these associations, members of the groups…
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Informal associations are typical features of farm and non-farm ventures especially within rural communities. Owing to the informality of these associations, members of the groups usually evolve strategies to cope with different kinds of economic and social shocks such as the COVID-19 pandemic or unexpected economic recessions. Accordingly, entrepreneurship and non-farm business development in rural areas require massive finance input, which this group largely lacks owing to agrarian activities which is the main source of revenue. Therefore, to inform rural development policies, this chapter draws on the interrelationships that exist between finance options (including formal, informal and social networks) and small business development. Using the World Bank Living Standards Measurement Survey – Integrated Surveys on Agriculture (LSMS-ISA), the analytics identifies informal financing and social networks as leading alternatives to formal financing option in rural businesses. Therefore, we suggest that the government institutions recognise and formalise informal finance systems. This will not only aid access to government interventions and programmes, but foster collaborations with existing formal institutions and investors for sustainable rural business financing.
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Olanrewaju Omosehin, Joseph Oseni, Adewale Olutumise and Evans Osabuohien
The economic importance of palm oil produced by its producers in food requirement, income generation, production and consumption has led to a significant increase in its demand…
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The economic importance of palm oil produced by its producers in food requirement, income generation, production and consumption has led to a significant increase in its demand over the years. Thus, this chapter evaluates the effects of palm oil price fluctuations on the welfare of palm oil producers in Nigeria based on annual time series data (1980–2018). In achieving its objectives, the study employs Autoregressive distributed lag model (ARDL). The result establishes the presence of a long-run relationship in the welfare of palm oil producers. The long-run estimates show that palm oil prices had a positive but insignificant relationship with the welfare of palm oil producers. In the short-run estimates, palm oil price and the exchange rate had adverse and significant effects on the welfare of palm oil producers, while the inflation rate positively and significantly influenced welfare. Therefore, the welfare programme should adopt policies that will stabilise the palm oil price and other foodstuffs to increase the standard of living of palm oil producers and raise their literacy levels.