Effect of Covid-19 on the Socio-Economic Well-Being of Households in Nigeria

This study investigated the effect of COVID-19 on the socio-economic well-being of households in Nigeria. The main objective is to investigate the effect of COVID-19 on households’ income, employment, expenditure and savings in Ayobo-Ipaja Local Council Development Area of Lagos State, Nigeria. The descriptive non-experimental qualitative study used structured questionnaire to collect data from men and women of working ages between 25 and 65 in Ayobo-Ipaja. Convenience non-probability random sampling technique was used to select 384 participants. The data were analyzed using frequency, percentage, mean, standard deviation and chi-square test. The findings revealed that there are 186 (52.7%) male and 167 (47.3%) female who participated in the survey. 229 (64.9%) study participants were employed either in public or private establishments. 211(59.8%) earned less than N90,000, while 84(23.8%) earned more than N90,000, and at least 219 (62.0%) households were affected by COVID-19 outbreak. The chi-square results revealed that COVID-19 outbreak has significant effect on households’ income, employment, expenditure and savings in Ayobo-Ipaja Local Council Development Area of Lagos State. 204 (57.8%) participants agreed that their daily/weekly/monthly earnings fell; 177 (50.1%) agreed that customers were restricted from patronizing their wares/goods/stocks; 240 (68%) opined that their family financial upkeep increased, and 235 (66.6%) suggest that their family lived on savings during the COVID-19 outbreak and lockdown. It is recommended that government should intensify policy efforts towards economic growth recovery and poverty alleviation programs for increased social inclusion by creating jobs and providing support for the vulnerable citizens