ENLIGHTENMENT THE IMPACT OF THE COVID-19 OUTBREAK ON THE NIGERIAN ECONOMY
- Post by: Africaitconsultancy
- April 29, 2022
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Accepted: Published: Online:
Abstract
The economic downturn in Nigeria was triggered by a combination of declining oil price and spillovers from the Covid-19 outbreak, which not only led to a fall in the demand for oil products but also stopped economic activities from taking place when social distancing policies were enforced. The government responded to the crisis by providing financial assistance to businesses, not to households that were affected by the outbreak. The monetary authority adopted accommodative monetary policies and offered a targeted 3.5trillion loan support to some sectors. <br /> These efforts should have prevented the economic crisis from occurring but it didn't. Economic agents refused to engage in economic activities for fear of contracting the Covid-19 disease that was spreading very fast at the time. In this paper, I analyse the Covid-19 spillovers to Nigeria and the structural weaknesses in Nigeria's infrastructure that helped bring on the current economic crisis and discuss prospects for reform. The study examines the impact of a coronavirus outbreak on the Nigerian economy using reports from Nigeria Centre for Disease Control and World Health organization for the period of 11th March to 4th August 2020 on total cases of the virus in Nigeria. According to the WHO, the virus has infected about 76,936 people in the mainland China, with additional 2,051 cases of the virus from about 30 other countries and in Nigeria On the 4th of August 44,129 new confirmed cases and 896 deaths were recorded in Nigeria, Till date, 44129 cases have been confirmed, 20,663 cases have been discharged and 896 deaths have been recorded in 36 states and the Federal Capital Territory, The 288 new cases are reported from 15 states- Lagos (88), Kwara (33), Osun (27), FCT (25), Enugu (25), Abia (20), Kaduna (17), Plateau (13), Rivers (13), Delta (10), Gombe (8), Ogun (4), Oyo (3), Katsina (1), Bauchi (1), A multi-sectoral national emergency operations centre (EOC), activated at Level 3, continues to coordinate the national response activities. Therefore, the corona various have been ruled out, the result is pending for 17, while 11 were confirmed positive. Base on the reported cases of the disease, the researchers, therefore, recommend that precautionary measures that include Regularly and thoroughly wash your hands with soap and water, and use hand sanitizer, maintain at least one and a half metres distance between yourself and anyone who is coughing or sneezing, persons with persistent cough or sneezing should stay home or keep a social distance, but not mix in-crowd and making sure you and people around you, follow good respiratory hygiene, meaning cover your mouth and nose with a tissue or into your sleeve at the bent elbow or tissue when you cough or sneeze and then dispose of the used tissue immediately among others should be taken in consideration.<br />