Covid-19 Pandemic, Global Trade Wars And Impact On The Nigeria Economy
Iwedi Marshal Ph.D
Department of Banking and Finance, Rivers State University, Nkpolu-Oroworukwo Port Harcourt, Nigeria
Kocha Chukwunenye Nkwadochi
Department of Banking and Finance, Rivers State University, Nkpolu-Oroworukwo Port Harcourt, Nigeria
Anderson Emmanuel Oriakpono
Department of Banking and Finance, Rivers State University, Nkpolu-Oroworukwo Port Harcourt, Nigeria
Keywords: COVID-19, Global Pandemic, Global Trade Work, Health Care System, Economic Impact
Abstract
This study is an attempt to unravel the phenomenon which perhaps is the most ubiquitous and impactful occurrence since record keeping commenced within human civilization. COVID-19 pandemic, global trade and the impact in Nigeria measures the interwoven conspiracy theories, trade disputations, and undercurrents to the world financial systems, health care, socio-economic, political and scientific shock that the global community has had to endure since December 31, 2019 when Chinese authorities alerted the WHO and the entire world community of the seemingly intractable and ravaging virus infections. This study adopts a descriptive research methodology to evaluate and assess COVID-19 pandemic, global trade wars and impact on the Nigeria economy as the single largest economic block in sub Sahara Africa. The study reveals that corona virus is crippling the Nigeria economy in term of social, religious and economic activities. The study concludes that the measures taken to contain the spread of COVID-19 have impacted households in Nigeria in many ways such as job loss, loss of remittances, higher prices, rationing of food and other basic goods and disruptions to health care services and education. For the poor who are more vulnerable for several reasons were impacted almost immediately. Nigeria as an economy is sluggishly grappling with weak recovery from the 2014 oil price shock and 2016 economic recession. The emergence of COVID- 19 and the growing incidence in Nigeria calls for the following policy actions; Nigeria government should review the earlier prepared budget line or urgently prepare a supplementary budget to avert circumstance of budget failure. Government should create a national sinking fund to back up capacity to fight future pandemic, as the structure of managing a global pandemic of this magnitude does just end with poor medical structure we have but requires a more robust financial and medical structure that will help to bring future pandemic of bigger magnitude under control. Government should be drifting toward a virtual economy such as e- learning, e-conference, e-transaction, e-worship etc this will help to avert the current of situation of person to person contact. Government should through CBN review downward it earlier monetary policy stance