Economics Of Pandemic In Nigeria: The Covid-19 Experience
Obayori Joseph Bidemi
Department of Economics, Nnamdi Azikiwe University Awka, Anambra State, Nigeria
Nchom Humphrey
Institute of International Trade and Development, University of Port Harcourt, Nigeria
Yusuf Lateef Olarotimi
Institute of International Trade and Development, University of Port Harcourt, Nigeria
Keywords: Covid-19, Pandemic, Economics, Palliative, Economy and Nigeria
Abstract
The paper examined economics of pandemic in Nigeria; the covid-19 experience. Thus, a pandemic is a universal spread of fresh diseases which are detrimental to the health of the people. Coronavirus is an example of pandemic viruses that circulate among animals, but can also be found in humans. The objectives of the paper is to; examine the concept of pandemic/covid-19; examined the economic effect of covid-19 on the Nigerian economy; an examined some palliative measures and the way forward. To achieve the stated objectives, the paper utilized library science method and collected data from secondary materials. The paper found that covid-19 affects the Nigerian economy adversely in that it shrink the GDP growth, distort the output of sectors such as the real sector, agricultural sector, educational sector, health and the transportation sectors. Given the adverse effects of the covid-19 on the economy, government should increase health sector spending in order to provide needed equipment’s and take care of the welfare of the health workers. Government needs to provide fiscal stimulus such as tax credit or partial tax reduction for companies or firms to protect against shortages. Government through the CBN should enhance monetary stimulus via reduction in interest rates from double to single digit in order to encourage borrowing and private sector activity. Government should help ensure food supply by establishing minimum premium prices for certain food products. Increase farm-to-market delivery of agricultural produce in order to protect food shortages and high prices.