The Economic Impact of the Covid-19 Epidemic on Nigeria Economy

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Prof. Abomaye-Nimenibo Williams Aminadokiari Samuel
Prof. Abomaye-Nimenibo Williams Aminadokiari Samuel Ph.D., M.Sc., B.Sc. Economics, MBA Management and UD, Personnel Management and Industrial Relations, Director of Postgraduate Studies, School of Postgraduate Studies
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Dr. Harrison Ataide
Dr. Harrison Ataide
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Past. Prof. Abomaye-Nimenibo
Past. Prof. Abomaye-Nimenibo
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Williams Aminadokiari Samuel
Williams Aminadokiari Samuel
α Obong University Obong University

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Abstract

Many studies on the impact of COVID-19 are often discussed in developed countries, stressing a gap in understanding how the pandemic impacts developing countries. This study focuses on the coronavirus called COVID-19 situation in Nigeria and its economic impact on the economy. The study also examines the structural causes that worsen the COVID-19 crisis in Nigeria. Our findings reveal that the economic downturn in Nigeria was triggered2 by a combination of declining oil prices and spillovers from the COVID-19 outbreak, which led to a fall in demand for oil products and social distancing, economic activities halted from taking place. The government retort to the crisis was to provide financial assistance to businesses and a few households affected by the coronavirus outburst. The Federal Government of Nigeria approved accommodative economic strategies by offering a targeted ₦3.5trillion loan as support to some sectors of the economy. However, these efforts did not prevent the economic crisis from occurring, as expected. The Managers of the economy and agents could not freely engage in economic activities to fear contacting the COVID-19 disease that was spreading fast at the time.

References

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

Data Availability

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How to Cite This Article

Prof. Abomaye-Nimenibo Williams Aminadokiari Samuel. 2021. \u201cThe Economic Impact of the Covid-19 Epidemic on Nigeria Economy\u201d. Global Journal of Human-Social Science - G: Linguistics & Education GJHSS-G Volume 21 (GJHSS Volume 21 Issue G10): .

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Enhances understanding of Nigeria’s economic effects during COVID-19 pandemic.
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GJHSS Volume 21 Issue G10
Pg. 43- 55
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Crossref Journal DOI 10.17406/GJHSS

Print ISSN 0975-587X

e-ISSN 2249-460X

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GJHSS-G Classification: FOR Code: 149999
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v1.2

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August 14, 2021

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Many studies on the impact of COVID-19 are often discussed in developed countries, stressing a gap in understanding how the pandemic impacts developing countries. This study focuses on the coronavirus called COVID-19 situation in Nigeria and its economic impact on the economy. The study also examines the structural causes that worsen the COVID-19 crisis in Nigeria. Our findings reveal that the economic downturn in Nigeria was triggered2 by a combination of declining oil prices and spillovers from the COVID-19 outbreak, which led to a fall in demand for oil products and social distancing, economic activities halted from taking place. The government retort to the crisis was to provide financial assistance to businesses and a few households affected by the coronavirus outburst. The Federal Government of Nigeria approved accommodative economic strategies by offering a targeted ₦3.5trillion loan as support to some sectors of the economy. However, these efforts did not prevent the economic crisis from occurring, as expected. The Managers of the economy and agents could not freely engage in economic activities to fear contacting the COVID-19 disease that was spreading fast at the time.

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The Economic Impact of the Covid-19 Epidemic on Nigeria Economy

Dr. Harrison Ataide
Dr. Harrison Ataide
Past. Prof. Abomaye-Nimenibo
Past. Prof. Abomaye-Nimenibo
Williams Aminadokiari Samuel
Williams Aminadokiari Samuel

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