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

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

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

Dr. Harrison Ataide * § 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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Past. Prof. Abomaye-Nimenibo

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Williams Aminadokiari Samuel

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Obong University

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

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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.

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No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

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How to Cite This Article

Dr. Harrison Ataide, Past. Prof. Abomaye-Nimenibo, Williams Aminadokiari Samuel. 2021. "The Economic Impact of the Covid-19 Epidemic on Nigeria Economy". Global Journal of Human-Social Science - G: Linguistics & Education GJHSS-G Volume 21 (GJHSS Volume 21 Issue G10).

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GJHSS Volume 21 Issue G10

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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

Submission ReceivedSeptember 7, 2021
Peer Review Double Blind
Handling Editor
Accepted October 3, 2021
Published October 15, 2021

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v1.2

Issue date

August 14, 2021

Language

English

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