scholarly journals COVID-19 pandemic and economic crisis: the Nigerian experience and structural causes

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Peterson K. Ozili
Keyword(s):  
Economic Crisis ◽  
Descriptive Analysis ◽  
National Health System ◽  
Safety Net ◽  
Economic Downturn ◽  
Economic Implication ◽  
Economic Activities ◽  
Content Type ◽  
Poor Households ◽  
The Government

PurposeThis paper analyses the COVID-19 situation in Nigeria, its effect on the economy and the structural causes that worsened the coronavirus (COVID-19) crisis.Design/methodology/approachThis paper uses simple descriptive analysis to examine the COVID-19 situation in Nigeria.FindingsThe findings reveal that the economic downturn in Nigeria was triggered by a combination of declining oil price and spillovers from the COVID-19 outbreak, which not only led to a fall in the demand for oil products but also stopped economic activities from taking place when social distancing policies were enforced. The government responded to the crisis by providing financial assistance to businesses and a small number of households that were affected by the coronavirus (COVID-19) outbreak. The monetary authority adopted accommodative monetary policies and offered a targeted 3.5 trillion loan support to some sectors. These efforts should have prevented the economic crisis from occurring but it did not. Economic agents could not freely engage in economic activities for fear of contracting the COVID-19 disease that was spreading very fast at the time.Practical implicationsThe implication of the study is that policymakers should pay attention to three areas of the economy for economic and structural reform. One, policymakers should introduce economic reforms to diversify the economy and reduce Nigeria's dependence on revenue from crude oil export. Two, policymakers in Nigeria should invest in healthcare infrastructure to improve the ability of the national health system to withstand the outbreak of contagious diseases. Three, there is also a need to build appropriate digital infrastructure to facilitate the transition from “face-to-face” business activities to a “digital or online” business activities, which can help to grow the digital economy. Also, policymakers should use legislation to create a robust social welfare safety net for all citizens particularly for unemployed citizens and poor households.Originality/valueThis is the first paper that looks at the economic implication of COVID-19 in a West African country.

Altruism or exchange: what motives inter-household transfers in Burkina Faso?

2017 ◽  
Vol 44 (12) ◽  
pp. 2257-2270 ◽  
Author(s):  
Didier Yélognissè Alia ◽  
Nicolas Ponty ◽  
Ignace Kamga Tchwaket
Keyword(s):  
Burkina Faso ◽  
Social Insurance ◽  
Descriptive Analysis ◽  
Household Survey ◽  
Safety Net ◽  
Content Type ◽  
Heckman Model ◽  
Poor Households ◽  
Primary Driver ◽  
Private Transfers

Purpose The economic literature identifies two families of motives for private transfers: altruism and exchange. Altruistic models postulates that transfers are unselfish assistance to vulnerable and poor households. Exchange models, however, explain transfers as temporary assistance to households with the expectation of being paid back. The purpose of this paper is to analyze the motives of inter-households transfers in Burkina Faso and identify which model better explains observed transfers’ decisions. The findings can be useful to provide a information on the profile of households receiving and donating transfers and a better understanding of their roles in local communities. Design/methodology/approach The paper uses a nationally representative household survey in Burkina Faso that collects detailed information on inter-household transfers. It combines descriptive analysis with various econometric models to identify the type of behavior that better explain the receipt and donation of private transfers. To account for the non randomness of the receipt and donation of transfers in the population, the study estimates a Heckman model to address selection bias. Findings Preliminary analyses suggest that one-third of households have participated in transfers’ exchange, either as recipients or donors with the amount received or given representing a substantial share of household income or expenditure. The econometric analyses show that the primary driver of the receipt of transfers is households’ degree of vulnerability. This result indicates that altruism is the underlying model explaining the receipt of transfers. However, the authors also find that affluent households tend to give and receive larger amounts of money suggesting that some elements of exchange are also at play. Originality/value The analysis contributes to a large and growing literature on migration, transfers, and remittances in developing countries. It provides insights into the motives of these non-market transactions in the specific context of Burkina Faso, a developing country, where migration and transfers have been historically important social behaviors. The analysis makes an effort to address the potential bias resulting from households’ self-selection into the donation or receipt of transfer. The findings shed additional light on the double role of transfer as a safety net for the vulnerable and social insurance for the non-poor.

Agripreneurship development: a strategy for revamping Nigeria’s economy from recession

2017 ◽  
Vol 8 (4) ◽  
pp. 474-483 ◽  
Author(s):  
Innocent Otache
Keyword(s):  
Economic Crisis ◽  
Design Methodology ◽  
Agricultural Sector ◽  
Content Type ◽  
Current Economic Crisis ◽  
Leadership Failure ◽  
Oil Sector ◽  
The Government ◽  
Creativity And Innovation ◽  
Practical Implications

Purpose The purpose of this paper is to explore agripreneurship development as a strategy for economic growth and development. Design/methodology/approach Though a few related literature were reviewed, this paper relies heavily on the author’s viewpoint regarding how Nigeria can grow and develop its economy through agripreneurship development. Findings The present economic challenges that Nigeria is facing are blamed on overdependence on the oil sector, bad governance, corruption, leadership failure, policy inconsistency, overdependence on imported goods and ostensible neglect of the agricultural sector. Also, policymakers, economic analysts and the government have advocated strongly for diversification of the economy. Besides, there is a consensus among scholars, economic analysts and policymakers that “agriculture is the answer.” Research limitations/implications This paper addresses specifically one sector of the economy – the agricultural sector. On the other hand, economic crisis needs to be addressed holistically by resolving specific issues that confront different sectors of the economy. Practical implications This paper has some insightful policy and practical implications for the Nigerian Government and Nigerians. The government and Nigerians need to take practical steps to grow and develop the economy. On the part of the government, apart from the need to transform the agricultural sector by allocating enough funds to it, the government should establish well-equipped agripreneurship development centers and organize periodically agripreneurship development programmes for the main purpose of training and developing both current and potential agripreneurs who will be able to apply today’s agricultural techniques and practices which involve a great deal of creativity and innovation for a successful agribusiness. The federal government should integrate agripreneurship education into Nigeria’s education system. Similarly, the Nigerian people, particularly the youths or graduates should be encouraged to choose agribusiness as a career. Originality/value While previous papers have offered different solutions to the current economic crisis that Nigeria is experiencing, ranging from economic to structural reforms, this paper differs significantly from others by recommending specifically agripreneurship development as a strategy for revamping Nigeria’s economy from its current recession. Moreover, there is a dearth of literature on agripreneurship and agripreneurship development. This paper therefore fills the literature gap.

scholarly journals The Social Safety Nets and Poverty Alleviation in Pakistan: An Evaluation of Livelihood Enhancement and Protection Programme

2021 ◽  
Vol 3 (1) ◽  
pp. 21-36
Author(s):  
Asif Javed ◽  
Vaqar Ahmed ◽  
Bakhrul Khair Amal
Keyword(s):  
Poverty Alleviation ◽  
Skills Training ◽  
Safety Net ◽  
Sustainable Livelihood ◽  
Social Safety Net ◽  
Safety Nets ◽  
Poor Households ◽  
The Social ◽  
The Government ◽  
Social Safety Nets

Sustainable Development Goal (SDG) 1 intends to end poverty of all forms and the government of Pakistan is also targeting poverty alleviation through social safety nets. ‘Ehsaas’ is the major social safety nets proramme which include various initiatives that are benefiting millions of households. The study examines the state of poverty in Pakistan and also highlights the spending under each social safety net. Furthermore, the study also evaluates the Livelihood Enhancement and Protection (LEP) programme which is a major initiative for poverty alleviation under Ehsaas programme. Survey in Khyber Pakhtunkhawa and Balochistan provinces were conducted of those beneficiaries who are getting asset and skills training. It was found that asset provision and skills trainings are helpful in increasing the earnings and provide sustainable livelihood opportunities to poor households.

scholarly journals An analysis of Indonesian government policies against COVID-19

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ali Roziqin ◽  
Syasya Y.F. Mas’udi ◽  
Iradhad T. Sihidi
Keyword(s):  
Literature Review ◽  
Narrative Analysis ◽  
Large Scale ◽  
Preventive Measure ◽  
Safety Net ◽  
Government Policies ◽  
Content Type ◽  
Indonesian Government ◽  
Social Restriction ◽  
The Government

PurposeCOVID-19 cases in Indonesia continue to increase and spread. This article aims to analyse the Indonesian government policies as a response in dealing with COVID-19.Design/methodology/approachThis article is a narrative analysis with the approach of a systematic literature review.FindingsThis article found that the Indonesian government responded slowly to the COVID-19 pandemic at the beginning of its spread in March 2020. The government then issued some policies such as physical distancing, large-scale social restriction (PSBB - Pembatasan Sosial Berskala Besar) and social safety net. These policies will only work if the society follows them. The society could be the key to success of those policies, either as the support or the obstacles.Practical implicationsThis policy analysis with literature review, conducted from March to July 2020 in Indonesia, provides experiences and knowledge in how to respond to the dynamic problems of public policy in dealing with the COVID-19 outbreak, especially in the context of a developing country.Originality/valueThe novelty of the article lies in the unique policy response in a diverse society. It suggests that the policymakers should pay more attention to the society’s characteristics as well as the mitigation system as a preventive measure and risk management to make clear policy in the society.

scholarly journals CONVERTING CONVENTIONAL BANKS TO SHARIA BANKS IN ACEH: AN EFFORT TO MAINTAIN A STABLE ECONOMY IN THE COVID-19 OUTBREAK

2021 ◽  
Vol 10 (1) ◽  
pp. 24
Author(s):  
Iskandar Budiman
Keyword(s):  
Financial Institutions ◽  
Global Economy ◽  
Human Life ◽  
Growth Conditions ◽  
Islamic Banking ◽  
Economic Downturn ◽  
Economic Activities ◽  
Sharia Law ◽  
The Government ◽  
Conventional Banks

Based on Aceh Qanun (sharia law) No.11 of 2018 concerning Islamic Financial Institutions, it is required to carry out financial activities based on sharia principles. The decline of the global economy during the Covid-19 outbreak did not dampen the Aceh Government, which declared itself a special province practicing sharia values. Apart from aiming to make a purely Sharia-based region, the conversion of conventional banks to sharia banks is also to stabilize the economy. This study aims to analyze (1) the growth conditions of Islamic banking in Indonesia, (2) the legalization of the Aceh Government Qanun in determining financial institutions operating in Aceh, and (3) the resilience of Islamic banking in facing the global economic downturn during the Covid-19 pandemic. The analysis method used is literature and regulation review. The conclusion that the decentralization system implemented by the Indonesian Government in Islamic banking has not been able to maximize the growth of Islamic banking in Indonesia. Aceh Province, the only province in Indonesia that implements Sharia Law through special autonomy, has its own economic system. The Aceh government issued a Qanun, which obliged economic activities based on sharia principles. Based on Qanun No. 11 of 2018, the operation of Banks in Aceh must be in accord with Sharia. Therefore, entering 2020, the Islamic economy has been running almost perfectly in Aceh by changing conventional banking operations into Islamic banking. Furthermore, Islamic banking in Indonesia can still maintain stable growth when the Indonesian economy slides sharply in the second quarter of 2020 to minus 5.32 percent. This fact proves that increasing the growth of Islamic banking is an important thing to do. The Government should be serious and more consistent in maintaining economic stability and achieving the purposes (maqashid) of Sharia in human life.========================================================================================================ABSTRAK – Konversi Bank Konvensional Menjadi Bank Syariah di Aceh: Upaya Menjaga Stabilitas Perekonomian dalam Wabah Covid-19. Qanun (undang-undang syariat (Islam)) Aceh No 11 Tahun 2018 tentang Lembaga Keuangan Syariah, secara tegas telah mewajibkan lembaga keuangan yang beroperasi di Aceh untuk melaksanakan kegiatannya berdasarkan prinsip syariah. Penurunan ekonomi global di masa pandemi covid-19 tidak menyurutkan langkah Pemerintah Aceh dalam mengimplementasikan kebijakan mensyariahkan seluruh lembaga dan institusi yang berada di Aceh. Walaupun berada di dalam sebuah negara yang tidak menganut paham syariah, Provinsi Aceh telah menyatakan dirinya sebagai sebuah wilayah berkedaulatan syariah Islam. Selain bertujuan untuk menjadikan wilayah yang murni berbasis syariah Islam, konversi bank konvesional menjadi syariah juga bertujuan untuk menstabilkan perekonomian. Penelitian ini bertujuan untuk menganalisis (1) kondisi pertumbuhan perbankan syariah di Indonesia, (2) legalisasi Qanun Pemerintah Aceh dalam menentukan lembaga keuangan yang beroperasi di Aceh, dan (3) ketahanan  perbankan syariah dalam menghadapi penurunan perekonomian global di masa pandemi Covid-19. Studi ini menggunakan metode kajian literatur dan analisis regulasi yang menghasilkan kesimpulan yaitu sistem desentralisasi yang dilakukan Pemerintah Indonesia pada perbankan syariah belum dapat memaksimalkan pertumbuhan perbankan syariah di Indonesia. Provinsi Aceh sebagai satu-satunya provinsi di Indonesia yang menjalankan Syariat Islam melalui otonomi khusus mempunyai sistem perekonomian tersendiri. Pemerintah Aceh mengeluarkan qanun yang mewajibkan seluruh kegiatan perekonomian harus berlandaskan prinsip syariah. Berdasarkan Qanun No. 11 Tahun 2018, setiap perbankan yang beroperasi di Aceh haruslah berbentuk syariah. Oleh sebab itu memasuki tahun 2020, perekonomian Islam hampir sempurna telah berjalan di Aceh salah satunya dengan berubahnya operasional perbankan konvensional menjadi perbankan syariah di Provinsi Aceh. Selanjutnya, Perbankan syariah di Indonesia masih mampu menjaga kestabilan pertumbuhannya di saat perekonomian Indonesia meluncur tajam di kuartal II 2020 hingga minus 5,32 persen. Hal ini membuktikan bahwa meningkatkan pertumbuhan perbankan syariah merupakan hal yang penting dilaksanakan, memerlukan keseriusan dan konsistensi terus menerus dari pemerintah demi menjaga kestabilan ekonomi makro dan akan tercapai maqashid syariah pada semua lini kehidupan.

Mozambique party politics may trump national interest

2021 ◽  
Keyword(s):  
Economic Crisis ◽  
Debt Crisis ◽  
Party Politics ◽  
Security Sector Reform ◽  
Security Sector ◽  
Sector Reform ◽  
Content Type ◽  
The Government ◽  
Fiscal Pressure ◽  
Broad Consensus

Significance There is broad consensus that security sector reform is necessary, but lingering concern that the government lacks a coherent plan, and will end up being distracted by other issues. Impacts The economic crisis resulting from the debt crisis will continue to put the government under severe fiscal pressure. Small amounts of gas should begin to be exported in 2022, but uncertainty over the timelines for larger projects will persist. Mozambique’s relations with neighbours should continue to improve over the immediate term.

Third COVID wave will further dampen Algeria's economy

2021 ◽  
Keyword(s):  
Economic Crisis ◽  
External Financing ◽  
Content Type ◽  
Social Distancing ◽  
The Government

Significance The government has reimposed social distancing restrictions, but a reinvigorated pandemic will hurt the economy further and forestall any economic turnaround. Impacts Algeria may find itself at a disadvantage compared to Morocco and Egypt, which have made greater progress countering the pandemic. The longer Algeria’s economic turnaround is delayed, the more likely it is that the country will have to resort to external financing. If the country’s economic crisis becomes more acute, the president would likely reshuffle the cabinet in an effort to shift blame. The president himself may also come under pressure to resign.

Vietnamese industrial development: following Washington on the road to Beijing

2019 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Marco Rodolfo Di Tommaso ◽  
Antonio Angelino
Keyword(s):  
Industrial Policy ◽  
Policy Making ◽  
Industrial Development ◽  
Descriptive Analysis ◽  
Policy Formulation ◽  
Policy Implications ◽  
Content Type ◽  
Depth Analysis ◽  
The Government ◽  
On The Road

Purpose The purpose of this paper is to explore the main features of the Vietnamese economic transition and industrial development pattern analyzing the evolution of the industrial policy formulation in the light of the changes in the country’s productive specialization and competitive position in the international division of labor. The authors also aim at stressing the role exerted by different external paradigm of influence on the Vietnamese policy making and the function of selectivity as an instrument to upgrade the competitiveness of the Vietnamese production system. Design/methodology/approach The paper provides a descriptive analysis of the Vietnamese recent economic trends and structural transformation dynamics. It realizes a literature review concerning the academic debate on the role and the effects of industrial policy in Vietnam identifying a categorization between different theoretical perspectives. In addition, it implements an in-depth analysis of the main industrial planning strategies promoted by the government investigating the evolution of the lines of the country’s economic policy agenda. On the basis of the previous analyses, the paper draws out some conclusions about the application of selective criteria in Vietnamese industrial policy interventions. Findings An in-depth examination of the planning prescriptions suggests that the Vietnamese government has undertaken a pronounced paradigm change in the course of last 15 years. The Vietnamese planning approach displays a shift toward a systematic and extended vision concerning the role of industrial policy, which result to be in clear discontinuity with respect to the market-friendly approach supported by Washington institutions. Nevertheless, this configuration outlines several limits characterizing the Vietnamese planning activity, connected to the lack of transparency and efficiency of the governance mechanisms that risk to undermine the effectiveness of the upgrading policies. Originality/value The paper focuses on Vietnam, an emerging economy in transition whose development trajectory has been characterized by peculiar economic and policy dynamics. The hybrid character of the government policy-making approach makes it difficult to identify univocal interpretations concerning the country’s industrial development dynamics and the resulting policy implications. In this perspective, the analysis has shed light on the mechanisms conditioning the formulation of industrial policy in Vietnam, focusing on the external influences exerted on its definition and on the domestic interactions associated to its implementation.

Young adults and homeownership in Jakarta, Indonesia

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Rotimi Boluwatife Abidoye ◽  
Gitta Puspitasari ◽  
Riza Sunindijo ◽  
Michael Adabre
Keyword(s):  
Young Adults ◽  
Affordable Housing ◽  
Descriptive Analysis ◽  
Housing Prices ◽  
Policy Formulation ◽  
Capital City ◽  
Content Type ◽  
The Social ◽  
The Government ◽  
Lending Institutions

Purpose Homeownership, especially for young adults, is a significant challenge in nearly every country and Indonesia, the fourth most populous country in the world, is not exempted. Its capital city, Jakarta, has the lowest homeownership rate when compared with other cities and if this challenge remains unresolved, it could lead to more social and economic issues in the country. Hence, this study aims to investigate the homeownership of young adults in Jakarta, focussing on young adults’ opinions, perceptions and experiences regarding homeownership opportunities. Design/methodology/approach A questionnaire survey was conducted to collect data from young adults in the study area. The collected data were analysed using the statistical package for the social sciences 24.0 software. Descriptive analysis, Cronbach’s alpha test, Pearson’s correlation test and mean score ranking were adopted to analyse the collected data. Findings The result shows that homeownership is driven by factors that are more functional and realistic (in terms of a place to live, marriage and parenthood) rather than those related to pride or social status representation (as a personal or career accomplishment). Unaffordability and insufficient income were ranked as crucial barriers to homeownership. Increasing the supply of affordable housing, controlling housing prices through government’s intervention and reducing mortgage interests are potential solutions to address this issue. Practical implications The result of this research would be useful to young adults who are the participants of this study, property developers, lending institutions and the government concerning homeownership policy formulation, loan provision, affordable housing supply, etc. Originality/value Specific studies that focussed on the young adults’ homeownership in Jakarta, Indonesia is limited, therefore, this research provides an insight into the issue of young adults’ homeownership in the country. Also, the findings could be applicable in other developing countries that have similar characteristics to Indonesia.

Russia will seek to control pharmaceuticals pricing

2015 ◽  
Keyword(s):  
Import Substitution ◽  
Economic Downturn ◽  
Parallel Imports ◽  
Russian Market ◽  
Content Type ◽  
Essential Drug List ◽  
Government Purchases ◽  
Drug List ◽  
Economic Volatility ◽  
The Government

Subject The Russian pharmaceuticals sector. Significance In 2014-15, rising prices for medications pushed up household healthcare expenditure. Domestic producers of cheaper medications, whose prices are set by the government owing to their inclusion in the essential drug list (EDL), found their margins squeezed by rising costs of production. The economic downturn also made it difficult for the Kremlin to keep its commitment to the programme of modernising the pharmaceuticals industry, while maintaining social healthcare expenditures. Although the Russian market is dominated by the commercial segment, government purchases still represent a substantial 25.5%. Impacts Current economic volatility impedes the progress of Pharma-2020 programme aimed at import substitution in the pharmaceuticals industry. Declining incomes will lower demand and lead to the substitution of generic equivalents for more expensive branded products. Margin pressures in distribution and retail will push distributors to diversify away from core business and increase M&A activity. To contain inflationary pressures, further centralisation of state procurement will be undertaken along with allowing parallel imports.

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