Effect of bio warfare on Nigeria economy COVID-19 on focus


Effect of bio warfare on Nigeria economy COVID-19 on focus

The economic risks of coronavirus epidemic are not trivial. Countries affected by this outbreak have lost billions of dollars including both lost income and the intrinsic cost of elevated mortality. Even when the health impact of an outbreak is relatively limited, its economic consequences can quickly become magnified. Nigeria, for example, saw GDP growth decline 45percentage points from within few months of the recent coronavirus outbreak in the whole world.

The consequences of coronavirus outbreaks and epidemics are not distributed equally throughout the economy. Some sectors may even benefit financially, while others will suffer disproportionately. Pharmaceutical companies that produce vaccines, antibiotics, or other products needed for coronavirus outbreak response are potential beneficiaries. Health and life insurance companies are likely to bear heavy costs, at least in the short term, as are livestock producers in the event of an outbreak linked to animals. Vulnerable populations, particularly the poor, are likely to suffer disproportionately, as they may have less access to health care and lower savings to protect against financial catastrophe.

Economic policymakers are accustomed to managing various forms of risk, such as trade imbalances, exchange rate movements, and changes in market interest rates.