COVID 19 AND THE NIGERIAN ECONOMY: PROSPECTS AND CHALLENGES

Abstract

The COVID-19  pandemic crawled into the global scene without notice, crippling activities all over the world financially, socially and politically. In Nigeria, the onset of the pandemic took its toll on the nation, almost bring the government of the day to its knees, being that the Nigerian economy has had to grapple with growth challenges prior to the entry of the global condition. The theoretical framework of this research is anchored on the conspiracy theory which is built on the notion that a powerful group is acting in secret, thus building on (and potentially also creating) suspicion towards the powerful such as the government. Believing in conspiracy theories is known to undermine pro-social behaviour and trust in authorities. As stated in the Nigeria Economic Outlook 2021 report, despite the concerted efforts, the economy slipped into another recession as GDP contracted in Q2 and Q3-2020. Inflation galloped to a 33-month high of 14.89% y/y in Nov-2020, amid sharp food price increases and the currency market crisis. The inability of the Nigerian government to put in a place the right policy framework to manage the crisis thrown up by the COVID-19 pandemic. The decision to close down the Seme border, for instance, was a gross miscalculation. It contributed in worsening the already terrible state of the Nigerian economy. Efforts need to be made to encourage greater participation of young Nigerians in agricultural activities, to guarantee food sufficiency and security. To reduce the chances of spread and, the resultant increase in COVID-19 cases, community to community information outlets should be created to disseminate correct information on safety measures.