COVID-19 Pandemic: Health Challenges and a Critical Study of the Structure of the Nigeria Economy

Sub-Saharan Africa has been characterized as having a high prevalence of malaria and HIV. The present COVID-19 outbreak compounds and complicates Nigeria’s health and socio-economic problems that require stringent public health measures, improved health facilities and achievable economic policies to tackle. The impact of COVID-19 on national economies depends on the level of preparedness and responsiveness to shocks. This perspective dissected the structure of the Nigerian economy and the effect of the pandemic on Nigeria’s economy, having given mild health implications. The study adopted an exploratory research design and thus, relied on the past socio-economic situation in Nigeria to explain how Nigeria was affected by the pandemic. This perspective concludes that the socio-economic foundation in Nigeria is weak. These weak socio-economic settings have made the economy vulnerable to external and internal shocks. This study recommends that the Nigerian government provide adequate and internationally standard training facilities for her health workers and ensure that they are paid well and as when due. To build a resilient economy that can survive external and internal shocks, there is a need to diversify the economy’s economic base fully. Alongside achieving economic diversification, there is the need to improve the existing agricultural-industrial link. The Central Bank should adopt effective monetary policy measures to facilitate credit to private sectors to promote investment in key sectors in the economy. There is a need to increase stimulus package for all industries and households to sustain and improve employment and consumption levels. There is a need to improve efficiency in government spending. The government should sincerely invest in infrastructures to reduce the cost burden on the private sector. Furthermore, there is a crucial need to increase government investment in the health and education sector to prepare the nation for any other health emergency and build its human capital. JEL Classification: E31