THE IMPACT OF ECONOMIC MELTDOWN ON THE STAFF

THE IMPACT OF ECONOMIC MELTDOWN ON THE STAFF (CASE STUDY OF STAFF OF ENUGU STATE COLLEGE OF EDUCATION (TECHNICAL))

ABSTRACT

This study is aimed at investigating the impact of Economic Meltdown on the staff of Enugu State College of Education (Technical), Enugu. The cross-sectional survey research design was used for the study. A sample of 180 staff of the College of Education (Technical) Enugu was used for the study which was also the population for the study. Structured questionnaire which was validated by three lecturers in the School of Science Education all in ESCET was the instrument used for data collection. Three research questions were raised for the study. Percentages were used to analyze the data. The findings show that (1) The causes of Economic Meltdown are; continuous dependency on the oil and gas sector, high dependency rate on foreign goods by Nigerians, low level of technical knowledge among Nigerians in the operation of mechanized machines or tools, rapid population growth all over the country and total negligence of other sectors like agriculture. (2) The effects of Economic Meltdown are nonpayment of workers as at when due, workers find it difficult to meet up their personal needs and inability of workers meeting up the demands of their family. (3) The possible strategies are a diversified economy should be practiced by the government, the agricultural sector should be made more attractive by the government, reduction in the rate of birth and encouragement of goods produced within the country by Nigerians. Recommendations and suggestions were based on the findings.

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

The issue of Economic Meltdown affects not only the staff of Enugu State College of Education (Technical), it affects also the citizens of this beloved and great country Nigeria and other countries all over the world like United States of America (USA), United Kingdom (UK), China etc. The definition of the term “Economic Meltdown” according to various views from several sources will be considered. First of all, another word or phrase which can be used interchangeably with economic meltdown is “Economic Crisis”. Now, the definitions:

Oxford Advanced Learner’s Dictionary (6th edition) defined the word economic as a term “connected with the trade, industry and development of the wealth of a country, an area or a society”. It also defined meltdown as “a situation whereby something fails or becomes weaker in a sudden or dramatic way”. Therefore, economic meltdown is “a situation whereby there is a decline or decrease in the economic activities of a country”. It further means that the economic activities of a country have been decreased in a sudden way.

Pius (2007) sees economic meltdown “as a situation whereby the rate of the economic activity of a country decreases”. This decrease according to him implies that the rate in which the economy of a nation used to be is no longer like that due to some factors. Such factors as listed by the authorities includes: decrease in employment opportunities, inflation etc.

Macrocom (2009) said that like many other issues in economics, “economic meltdown” is an expression for which any interpretation would do. So therefore, he said that meltdown implies ‘great heat and high temperature’ but according to his way of thinking, he defined economic meltdown as “the lack of economic activity which brings about coldness (i.e. decrease) and not heat (increase) in the air (i.e. in the nation’s economy).