COVID 19 PANDEMIC: IMPEDIMENT TO ECONOMIC PROSPERITY OF NIGERIA

Authors: AJIBOYE MOSES OLUWATOYIN, SEUN OLORUNFEMI

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This paper analysis the COVID-19 Situation in Nigeria, its effect on the economy and the structural causes that worsen the Corona Virus (COVID-19) crisis. The work also enumerates the concept of endemic, epidemic and pandemic respectively. As well as discussing the negative effects of the pandemic on agriculture, education, health security and other Nigeria Sectors. The findings reveal that the economic downturn in Nigeria was triggered by a combination declining oil price and spillovers from COVID-19 outbreak, which not only led to a fall in demand for oil products but also stopped economic activities from taking place when social distancing policies were enforced. Government response through provision of financial assistance to businesses and a small number of households that were affected by the Corona Virus outbreak. The paper concluded by suggesting three areas of the economy and structural reform, though the introduction of economic reforms, by diversifying the economy, investment on health care infrastructure and building appropriate digital infrastructure facilitate the tradition from face-to-face business activities to a digital or online business activities. Finally the paper outline the following recommendations. Stressing the needs for diversification and economics transformation of Nigeria, as the Giant of Africa. Two, the need for increased in agricultural production, good security, to also implement job opportunity programs, inorder to reduce high rate of unemployment. Lastly, premium attention and move expenditure should be channeled to the educational sector, so as to increase the nation’s investment in human capital.

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