Impact of Global Economic Recession on Basic Physiological Needs of Nigerian Citizens

  • Ugwuanyi, Georgina Obinne Professor of Banking and Finance in the Department of Banking and Finance, College of Management Sciences, Michael Okpara University of Agriculture, Umudike, Abia State, Nigeria.
  • Okanya, Ogochukwu Chinelo Department of Banking & Finance, Institute of Management and Technology Enugu, Nigeria.
  • Efanga, Udeme Okon Department of Banking and Finance, Faculty of Management Sciences, University of Calabar, Calabar, Nigeria.

Abstract

This study evaluates how the most basic of human needs are impacted by economic recessions. Specifically we focus on Nigerians. The research was qualitative and quantitative in design and data used were from both primary and secondary sources. The Primary data was sourced through questionnaires distributed to 432 respondents while secondary data was garnered from published articles and reports on the subject. Means and standard deviation were statistical tools employed to address research questions 1,2 and3; while the T-test technique was then used to analyze the 1,2 and 3 hypotheses. For the quantitative aspect ( against 4th research question), having found that the unit root test on the time series data displayed a combination of 1(0) and 1(1) variables, the Autoregressive Distributed Lag (ARDL) Model (Bounds Test inclusive) was employed for data estimation. Findings reveal that economic downturns as seen within the study period made it markedly more difficult for average Nigerians in both the urban and rural areas to feed and meet the most basic needs. The difficulties faced by individuals were further confirmed by a reduced expenditure on health and the acquisition of household assets were seen to drop markedly. Key markers of economic recession such as interest rate, public debt and real exchange rate were found to be significant both in the short and long-run. The research concludes that the negative effect of economic recession on the health of Nigerians remained significant throughout the study period.
Keywords: Economic recession, Physiological needs, Nigerians, Health.
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How to Cite
Obinne, U. G., Chinelo, O. O., & Okon, E. U. (2020, July 30). Impact of Global Economic Recession on Basic Physiological Needs of Nigerian Citizens. International Journal of Applied Economics, Finance and Accounting, 7(2), 46-60. https://doi.org/https://doi.org/10.33094/8.2017.2020.72.46.60
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