COVID-19 PANDEMIC AND ITS IMPACT ON LOCAL MARKETS

ABSTRACT

This study examined the socio-economic impact of COVID-19 pandemic in Edo State and the economic consequential impact of the pandemic among people in living in Benin City. Undoubtedly, the outbreak of the novel coronavirus has significantly altered the relationship between countries, and this can be seen in the ties between China and Nigeria. The study surveys how the Pandemic has exposed the overreliance of Nigeria on Chinese goods to sustain its manufacturing sector. The decline of the global supply chain has adversely affected Nigerian traders as they are unable to access products from China, hence affecting the economic relationship of the two countries.1 However, It was concluded that COVID-19 impacts the profit to high extent, sales volume to low extent, cash flow of business to low extent. The study further concluded that a lot of advantages are derived during COVID-19 pandemic. The study recommended that business owners should engage in market timing to enable customers to know their time of opening for business for those who are given the opportunity to open. Business owners should engage more in online sales to increase sales volume.2 Business owners should engage in massive savings before crises to avoid cash crunch during economic crises, and schools should be prepared for e-learning to avoid total lock down.3 The chapter also capture how in Edo State, the wellbeing of the people was badly hit by the response to COVD-19 pandemic and that this was because efforts 62 made by the government at controlling the spread of the virus in order to abate a health crisis and maintain a healthy society have been considerably beset with challenges. 4 The study also capture how, on the 23rd of March 2020 the first index case of the COVID-19 pandemic was confirmed by the Chief Medical Director of Irrua Specialist Teaching Hospital. On the confirmation of the index case, the state governor embarked on a series of actions by inaugurating a COVID-19 response team, creating awareness, contact tracing of those who had just returned from overseas trips, establishing of isolation centres, testing centres, training of health workers, screening and providing prompt treatment. This was to avert a spike in the number of cases within the state.