Effects of the Covid-19 Pandemic on the Nigeria’s Economy and Possible Coping Strategies
The world has been shocked by the outbreak of the Covid-19 pandemic and no country is spared of the effects of the pandemic. However, the effects and strategies to cope with the effects of the pandemic might vary from one country to another. The purpose of this article, therefore, is to identify and discuss the effects of the Covid-19 pandemic on the Nigeria’s economy and possible coping strategies. In addition to the viewpoint of the author, this paper undertook a review of the related literature regarding the Covid-19 pandemic and how Nigerians and the Nigerian government can cope with the effects of the pandemic. The review reveals that the effects of the Covid-19 pandemic in Nigeria include jobs losses, a sharp drop in income of the informal workers and the poor, food insecurity, business and school closures, a steep decline in oil revenues and economic uncertainties. This paper has recommended some measures to be adopted by Nigerians and the Nigerian government in order to cope with the devastating effects of the Covid-19 pandemic and similar pandemics in future. The measures include monetary and fiscal policy measures, diversification of the economy through agriculture, revamping of the manufacturing sector, acquisition of relevant ICT skills, adoption of e-learning model by schools, adoption of e- business model by business organizations and the need to have multiple sources of income.