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The Effects of the Covid-19 Pandemic on the Nigeria’s Economy and Possible Coping Strategies

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  • Innocent Otache

Abstract

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.

Suggested Citation

  • Innocent Otache, 2020. "The Effects of the Covid-19 Pandemic on the Nigeria’s Economy and Possible Coping Strategies," Asian Journal of Social Sciences and Management Studies, Asian Online Journal Publishing Group, vol. 7(3), pages 173-179.
    • Handle: RePEc:aoj:ajssms:v:7:y:2020:i:3:p:173-179:id:1817
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    Cited by:

    1. SAKA Rahmon Olawale & OSADEME Gloria Chinagozi & ONONOKPONO Nyong Joe, 2023. "Technopreneurship and Business Performance of Ride-Hailing Firms in Lagos State," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(4), pages 1367-1383, April.
    2. Nsirimovu, Okwuwada, 2023. "Reflecting on the appetite for borrowing and the volatility of crude prices for rapid post-COVID economic recovery initiatives in Nigeria: Implications for Per capita income using a Dynamic ARDL simul," MPRA Paper 119532, University Library of Munich, Germany, revised 20 Dec 2023.
    3. Oladeji Bamidele & Tunde Adegoke Amole, 2021. "Impact of COVID-19 on Smallholder Poultry Farmers in Nigeria," Sustainability, MDPI, vol. 13(20), pages 1-22, October.

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