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| An Appraisal Of The Impact Of Covid-19 Pandemic: Nigeria's Economy In Perspective |
Obijuru, Johnny Ugochukwu (Ph.D in View), Uzor, Obiora Anthony (M.Sc) , Chukwurah, Daniel Chi Junior (Ph.D)
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Abstract:
The economic dwindling in Nigeria was prompted by a synthesis of declining oil price and spillovers from the Covid-19 outbreak, which not only led to a fall in the demand for oil products but also preempted economic activities from taking place when social distancing policies were enforced. The government responded to the crisis by providing financial assistance to businesses, not to households that were affected by the outbreak. The monetary authority employed accommodative monetary policies and offered a targeted 3.5trillion loan support to some sectors. These efforts should have prevented the economic quagmire from occurring but it didn't. Economic agents refused to engage in economic activities for fear of contracting the Covid-19 disease that was spreading very fast at the time. In this paper, the Covid-19 spillovers to Nigeria and the structural weaknesses in Nigeria's infrastructure that helped bring on the current economic crisis and discuss prospects for reform was analyzed.
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