Cost for writing this Master Thesis

Our research is divided into chapters, starting from an exposé of the structures, background and academic construct of the methodology. This work is not dealing with illusion or speculating the shadow of a problem in order to arrive at a given syllogism. But we are handling in a scientific way a research of current problem caused by public health pandemic and its impact on business, in particular the market and labour force. The whole content of this work will sometimes borrow economic journalistic report of the situation, having at a certain time business educational character. The following may serve as a summary of the whole research objective motif.

From Lagos to New York, from California to Onitsha Nigeria, from Deli India to Frankfort Europe, the instantaneous recession triggered by the covid-19 pandemic-imposed mayhem on large and small businesses, because human ways of lives are globally threatened. We are constantly witnessing death of retail and wholesale businesses and collapse of global economy. There is crisis in the business world. The core purpose of doing business, the market industry and labour force is now directly impacted. To give a specific example of how this pandemic is eating into the fabric of market economy, we are limiting this research to two nation’s market economy; USA as advanced economy and Nigeria as a growing economy.

Expectations are high and there is urgent need for business management administrators and leaders whose profession is to intervene with survival solutions in this era of crisis in business. The research question is very vital, given our affirmation that the global economy is at the edge of collapse at this ongoing virus pandemic, do we assume that everything about marketing is going to change? This is the time to use or formulate business module to face the task of the long-term danger of this pandemic to both business entrepreneur and customers.

This work hopes to contribute to the ongoing research on the impact of covid-19 on global economy. Its design is to be educative and patriotic contribution to Nigeria as a so called third world with developing or growing economy. Our comparison of how United States of America is surviving in their trade and labour force, amidst these economic struggles, will be a prop up to many new business managements and entrepreneur in Nigeria especially as she has been impacted by poverty exacerbated by this dreadful and devastating Covid-19 pandemic. The USA has also been economically affected as shown in figure 1. The US has seen a sharp economic downturn as a result of the pandemic when it recorded a -4.8% in the first quarter of 2020.

Figure 1

Chapter one

1. Structure of Thesis

This work shall explicate the scientific body of the thesis for the reason of connecting the zeal of the thesis topic. The background will deal in soma the main issues of the topic linking the research location and demography, the USA and Nigeria, such exhumes the activities and state of their market economy and labour force. Every successful work of this kind project a research kern which we refer here as problem statement. The rigorous analysis of this problem under the auspices of business administration’s economy will occupy the whole content of this thesis. Finally, the method of the thesis with two major research methods with hypothetic questions is a target to make the whole thesis structure and scientific findings.

1.1 Background

The concerns of business management leadership, analysis of the survival of market economy and labor force in this era of pandemic, all form the background of this work. The researcher investigates two countries of similar market capital economy namely North America and Africa or USA and Nigeria. Since its independence in 1960, though a former British colony, Nigeria embraced the system of government of American democracy and by implication adopted USA trade, market and labour force economy. The current population of the United States of America is 332,643,210 as of May, 2021, based on Worldometer elaboration of the United Nations data.[footnoteRef:6] Similarly, “the current population of Nigeria is 210,060,020, based on projections of the latest United Nations data”.[footnoteRef:7] The larger numbers in the population of these two nations in economic business views, proposes an active market and labor force economy. [6: United States Population (2021) - Worldometer (worldometers.info)] [7: worldpopulationreview.com/countries/Nigeria-population]

The background of this research shows the two characteristics of market and labor force economic operations in USA and Nigeria. This liberalistic and capitalist nature of business, enhance business tradition by which the economy of both nations is rated. The capitalist economy projects free marketing and labor force. This so to say free market is the reason by which production prices are individually determined by free market of demand and supply. In this free operational way of liberal business, the state has no command economy influence. However, capitalist economy is not totally free of the state regulation. There is still little regulative influences of governmental taxation, control of monopolistic over gains therefore using regulations to maintain balance order. It is to be noted that the advantages of capitalist economy favour private companies and larger corporations in terms of independency to operate their personal businesses with profit making orientation. Profit making is the basic reason for marketing whereby ruminations are shared by business owners which encourages shareholder dividend payments. As long as the survival of businesses through markets profit making, the labor force increases, good earnings and employment depends on the vivid liberal economy.

The background of this work reflects the totality of labor market and labour force. Within the pandemic, the liberal business and its labour force has been virulently attacked. Both Nigeria and the USA suffer a recession which has affected the labour market. The impact of this attack is the closure of many industries and companies, even retail and wholesale stores, because of the shortages in manpower, many of them died within the high peak of covid-19. Labour for clarity is human efforts and combination of mental, physical and social commitment to an industrial or theoretical practical effort for productivity output of goods and services in a given economy. This means an involvement of manpower-knowhow and managerial services, which put human efforts to an outcome of finished product. Labor is the amount of physical, mental, and social effort used to produce goods and services in an economy. The active labour economy is where the curve for employee is higher and the data of earning is proportional to the amount of the input. A living wage is measured by skills and energy of time as input in working time. Unfortunately, in third world like Nigeria,[footnoteRef:8] labour skills and ability is not commensurate to the low earnings which is considered in comparison to USA labour market’s wages as minimum. [8: Adejugbe, A. 1987. The Structure of Nigerian Economy (eds. F.A Olaloku, and Fajana, F.A.Lagos; Macmillan Publishers the University of Lagos ]

Unexpectedly the covid-19 struck the public health, this world became a global village in its impact. The connectedness between public health and business is shown by the impact of this pandemic. The business world ran amok and world’s economy crazy. The market and labor force which relied on the managerial services and manpower were either restricted by health issues from the virus or from government regulations like the many months’ lockdown. Poor nations and rich nations suffer the effect of this pandemic economically, example of USA and Nigeria’s situation. This has impacted the global GDP growth as showed in figure 1 where the GDP saw the Covid-19 shock from the first quarter of 2020. The background of the content of this work reveal the data and level of the impact of Covid-19 on the general GDP.

This work serves as advisory to what a business consultor should do in a given situation of the emergency that changed the normal way of doing business. Many theories have been the basic foundation of economics. In a given history of many of economic tragedies, economist of that era proposed some way out of survival. This is our own time and challenges, especially, growing a complementarity of economic theories that help the USA to survive the pandemic can be a support to Nigerian largest African economy. The same is the natural way Nigerian economic systems are handled despite its inflation, can help economist in the USA and other developed world’s economist to have conscious knowledge of how to deal with the surviving economy of the underdeveloped world.[footnoteRef:9] This work is a compendium of new proposals through research questions and answers, new ideas are formed on the impact of the pandemic on economy and its survival. [9: Addison, T. Hansen, H. & Tarp, F. 2004. Debt Relief for Poor Countries. New York: Palgrave Macmillan]

1.2 Problem Statement

Even though the global finance level has not been virtually shown as being impacted by the covid-19 pandemic, the slowdown of the global economy especially in the USA and Nigeria in the area of Labour market witnessed consequences of coronavirus pandemic (COVID-19). At the core of endangered public health, many people became sick and consequently died. The government of both Nigeria and USA imposed lockdowns as measure to reduce the spread of covid-19. Consequentially, many workers stop going to work, which leads to production reduction; workers ability to work weakens and demand for labour became low. In the USA as high technological economy, many services immediately developed by internet and WIFI resources, the idea of working from home became a new normal. However, manual labour and industrial work or transportation chains of supply were impacted. There are to this day many work stoppages in that area.

In Nigeria, as a country of backward technological know-how, our research found out that government lockdown had no alternative for most civil servants, there are lack of advance WIFI internet and electricity to facilitate working from home. Household income reduced because firms closed through several and long-lasting lockdown, Nigeria employers and public sectors could not pay unemployment benefits. The only struggling labour force in Nigeria is Agriculture, though with few working manual labour farmers. Our research included self-employed labour market with minimal income, because as demand became high, the supply chain was low restricted by impact of the virus. Informal businesses were in operation in Nigeria; however, the fear of the pandemic reduced the workers interest to work, therefore, unemployment spiked to higher rate. Unlike in the USA where during the lockdown due to Covid-19, the government stimulated unemployment with some stimulus and unemployment benefits, Nigeria recorded zero. This kept Nigerian economy in austerity, there are scarcity of goods and food which impacted household income.

USA as a high-income economy whereby workers change jobs and work two jobs to accumulate wealth, witnessed a data of job shortages; manual labour sectors were taking over by digital and mailing technics. Data shows a high rate of purchases by online within this period of pandemic than before, Amazon company for instance as much as they recorded high rate of online sales, were also doomed by less percentage of workers interest to come to work as impacted by the virus. Mailing supply were delayed by weeks and consumers were frustrated.

Though our research cannot get all the Nigerian responses to the Covid-19 impact on the labour market, one thing is sure that constant lockdowns’ restrictions of mobility and already existing low economic situation in Nigeria affected labour market in the area of productivity, supply; similarly, our researched were advantaged by USA labour Bureau department data on unemployment and other impact of the pandemic on Labour force. Such unannounced pandemic did not prepare the labour markets in the area of chain supply to build a strong resilience which could have handled volatile pandemic times fairly. Consumers demand changed in the USA, people were afraid of the doom of tomorrow, appropriation of inexpensive and products that have shelf life or long one became in high demand, unfortunately, business industries and firms that handle such products could not meet the consumers demand with a unique supply chain network. This work stoppage or lack of initial logistic impacted production.

This research will use its hypothesis statement and the core of thesis questions to deepen the facts of comparison on Covid-19 impacts to labour markets in the USA and Nigeria. The intent here is to find a flexible mindset to plan on better theories that will handle future economic emergencies. The targeted interest to rescue of labour force.

1.2.1 Research Questions:

1. How did covid-19 impact the USA and Nigeria labour market and economy?

2. What particular areas of the USA and Nigerian Labour market and economy are mostly affected by Covid-19.

1.2.2 Research Hypothesis statement

· H1. The effect of Covis-19 has led to rising unemployment in the USA and Nigeria

· H2. Consequently, labour market and economy of the both countries have been adversely affected

· H3. The impact of Covid-19 on Nigerian labour market is related to the stringency and compliance with government containment policies.

· H4. Social media platforms such as Phones, Facebook, Zoom etc. play critical role on emergencies such as Covid-19 pandemic.

1.3 The Aim

· This work aims to explain the consequences of the present situation to the normal way of doing business. It will critically evaluate existing papers from the leading journals on the impact of COVID-19 on labour market and economy.

· To develop a research scale that could be used to analyze the impact of COVID19 on labour market and economy.

· Use management theories to develop arguments or hypothesis that would enhance a strong labour market for future emergencies.

The challenges or difficulties this work will be confronting consist in the fact that the future is already forecasted about covid-19. One can state the past, as long as the public health have not found a total solution to the pandemic there will be dwindling economic strategy and a high stagnation of economic growth. An awareness of the problem is therefore very urgent in terms of equipping the market force for the future.

Although we have the history of pandemic in the world, but nothing has happened within the highly industrial developments of the world. The USA is counted as the high technological and industrial economy with high rate of labour force. Similarly, Nigeria the most populous nation in Africa with the highest GDP and largest market in Africa. Hence, the Covid-19 came as thunderbolt. This devastating situation is unplanned and unforeseen. Economies are not prepared for the catastrophic impact of Covid 19. This research makes effort to establish and expound some theories which may be of use within this pandemic era. This is a theory for labour market which shall apply if we survive this dangerous and unprecedented time.

1.4 Scope of Study

This work will be using quantitative and qualitative analytic study based on information and investigation obtained from deep interview and discussions with managers of manufacturing companies in the USA and Nigeria, and also ny articles written on the impact of the covid-19 on global business with reference to Nigeria and USA. The use of quantitative and qualitative analytic research approach in this study will make it possible to meticulously scrutinize the hypotheses associated with the research questions.

1.5 Research Methodology

A scientific demand for such a research includes quantitative and qualitative research methods. This researched shall use quantitative method. This theory hopes to demonstrate that when there is a pandemic, its impacts can be devastating and that this affects the economy. Such quantitative method of this research creates some hypothesis in the questionnaire. This work will also use qualitative method of research to understand some concepts, thought and the experience of people in written articles and lived experienced of people within this era of covid-19, through interviews and zoom conversations in USA and Nigeria.

This research hopes to use a mixture of qualitative and quantitative methods, based on descriptive empirical approach. Sometimes the urgency of the research topic demands that one gives data approach of experimental questions, using some hypothesis, seeking sometimes correlation between two variables in the questions. The use of these two research methods helps in discursive, quantifying and thematic analysis; being current to the issues of present-day impact and the future suggestive solution to already affected market of USA and Nigeria.

Chapter Two

2. Explications of important business’ terminologies and General Views of Business Art in the era of Covid-19

2:1 Explications of Terms and General Views of Business Art

Business management is an art of enterprice. It is activities of human effort to make profit, through buying and selling or through production and services. Business grows according the value of human needs. As business expands it creates for itself needed branches of managements. An individual who owns a business becomes sole proprietor, sole proprietor gains all benefit and all profit and loss. Sole proprietor in business provides for manufacturing and services, manges labour and sales.

Such business can expand to partinership whereby two or more people can own a business These patners share the profit and have unlimited liability acquired in the business. This type of business takes care of the retail and wholesale , manufacturing and inventory accounting. While sole proprietor has an unlimited liability, partinership businesses operate on limited liability. Other businesses with limited liability include, Coperations and companies; by coperation, businesses are protected in the time of business failures.

It will now become a challenge in this era of Covid pandemic for Coperatives and companies to run businesses and protect the labour market benefits. Liability and unlimitated businesses, especially coperatives business management must protect the small share holders, employee benefits and working conditions must be a concern within the pandemic era.

2:2 Production and Services: Comparative views of American and Nigerian Labour Market

In as much as business management is concern, the meaning of production and its usefulness are the same in both Nigerian and United State business. Production is the core art of doing business which is practically the manufacturing of goods and provision of services. In Nigerian business concept, where 80% of manufacturing are virtually near to nature of turning raw materials into industrial product, the notion of production in Nigeria rigmarole mostly on raw material and farmers’ products to industrial processes towards further consumer’s goods. While such notion is not lacking in industrial economy like USA, production as transformation of natural resources is concretely elevated as input and output of capital and human resources. Many services come out of the input and output production which means a lot of managing and operations.

Production and services involve human labour which is generally called in business labour force or labour market. Labour force as name is exemplified in Nigerian business economy and most of developing industrial Countries; majority of labor and services are dependent on manual human skills, which slow production output, because many efforts are fixed in input while the outcome are very less to suit the consumers value needs. An example is seen in Agriculture in Nigeria, it is still crude to report through our investigation that most of Nigerian Agricultural products are being produced through manual labour, since there is less mechanized[footnoteRef:10] way of productivity. [10: Oseghale, B.O., Abiola-Falemu, J.O. and Oseghale, G.E., 2015. An Evaluation of Skilled Labour shortage in selected construction firms in Edo state, Nigeria. American Journal of Engineering Research (AJER), 4(1), pp.1 ]

American industrial world though has been criticized for the use of technology and artificial intelligence to replace human labour; this work has seen the tremendous growth in production output because of use of industrial machine. The bane of mechanizing labour is that it dumb people down and technology removes human intuition of which many job are lost. The American production labour force, must be skilled to manage manual labour in this rampart replacement of technology and use of artificial intelligent. Services that has been replaced by computerization should provide cheaper training of human skill so as to involve many human ingenuity for the survival of labour market.[footnoteRef:11] Despite of the good and the odd of American labour, Labour force,is supported by the government and have a good labour corporation and organization. [11: Richard works, The impact of technology on labor markets, in: https://www.bls.gov/opub/home.htm]

2:3 SUPPLY CHAIN AND DEMAND VIS A VIS NIGERIAN AND USA LABOUR MARKETS

Chain of supply is a major life wire that sustains and encourages production. It is a link that vivifies the companies or production industries, in the sense of supplying input, which means a process by which raw materials are supplied to the production companies to keep production process afloat; chain of supply output, which is most popularly talked about in business economy, involves distribution of products and services.

The workers who changed materials, who provides services to the end products are included in the supply chain, warehouses where retail and wholesale, distributors of goods belong to the compound of chain of supply; transportation companies by air, by Sea and by Land are major supply chains. Routinely, production is linked with supply network. Obviously, the point is being made on the interrelatedness of labour force in the comprehensive production economy and services.

Included in the chain of supply is the supply due to online marketing. The post office played a vital role during the USA pandemic lock down whereby many consumers depended on the post office and digital market. An interview with the general manager on Walmart Hopkinsville Kentucky reveals that during the lock down, the store sold most of its goods online than ever before, Ms. Shane a long time Walmart store manager, responded to my phone interview wanting to know how USA major stores survive sales and supplies within the era of pandemic lock down; she opined that “digital marketing also implied online supply, while Walmart store attached itself with mailing and transportation companies like UPS, it also delivered peoples’ goods to their homes by Walmart mailing system, it was tremendous initiative that helped all the regulation from center for disease control and prevention (CDC)”.[footnoteRef:12] [12: Alicia Shane, Hopkinsville Kentucky (2021), Personal Telephone interview]

Company such as Walmart in USA helped producers distribute varieties of product in many brands. Chain of supply is linked like circle from raw materials being supplied to the producers, then a finished product is supplied to the stores due to demands, retail and wholesale supplied to the consumers. When demand is high the supply chain becomes high. What if in the situation when demand is high and supply is shortened? This was the economic impact of Covid-19 pandemic, that crashed the chain of supply, because, labour force was limited.

The Nigerian supply chain was also disrupted, farmers’ products could not move out of the rural areas. One expects transportation medium like Train and Ship to be viable within Nigeria with the highest population in Africa. Unfortunately, mismanagement of Nigerian politics since Independence of the Country robbed the Country of many infrastructures, which weakens the economy. Nigeria can only boast of international transportation; Air Cargo and Ship provided by international companies, for example Oil companies and British Cargo companies. The only sustaining supply chain in Nigeria is Automobile and trucks. Nigeria is still behind a standard mailing system, electrical power for services a long time lack and online marketing is just a beginning innovation. Nigerian Labour market roasted from the consequences of the pandemic, while production shot down, unemployment[footnoteRef:13] increased, the chain of supply that is already suffering in normal circumstance became worst. Consumers’ goods from the farmers could not reach the greater mouths that needed them. Nigerian government lacks initiatives to stimulate the economy and improve an alternative means of production. Many companies laid off their workers and many retail and wholesale shops spike the prices of goods, as a result, inflation and rate of unemployment hiked[footnoteRef:14] . [13: Tule, M., Ajilore, T. and Ebuh, G., 2015. A composite index of leading indicators of unemployment in Nigeria. Journal of African Business, pp.1-19. ] [14: Yelwa, M., David, O.O. and Awe, E.O., 2015. Analysis of the Relationship between Inflation, Unemployment and Economic Growth in Nigeria: 1987-2012. Applied Economics and Finance, 2(3), pp.102-109. ]

It is to be noted conclusively, the interrelatedness of the discussed subjects (management, production, supply chain and demand). The core motivator of a sound business management is the labour market that controls afore mentioned business facilitators. In the USA as well as in Nigeria labour market crashed, the pandemic slowed down the traditional way of doing business, less people come to work to handle the production, supply and their attached services. .

Business management

Production/services management comparative views USA-Nigeria

Chain of Suply/Rate of demand vis-a-vis Nigeria and USA labour market

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