Coronavirus: The Economics of the Pandemic and Performance of the Nigeria Economy
Publication Date: 15/06/2020
Author(s): Chris AC-Ogbonna (Ph.D).
Volume/Issue: Volume 3 , Issue 2 (2020)
Abstract:
Coronavirus is an infectious disease that originated from Wuhan, China in December 2019caused by severe respiratory syndrome and has spread to about 196 countries in the world. The outbreak of the virus has altered the economic behavior of the Nigeria economy and has had a negative multiplier effects on all the sectors of the economy. The objective of the study therefore is to examine the effect of the Coronavirus on the Productive Performance of the Nigeria Economy while the major problem of the study is that the abysmal performance of the economy under this period of pandemic is due to the lack of effective economic management strategy of the economy and projection of outrageous daily figures, instead of researching into alternative cure for the virus and effectively managing the economy in Nigeria, the figures are moving in a geometric progression .Despite the huge monetary donations from local and foreign donors towards fighting the pandemic, the situation has not improved in Nigeria. The government claimed to have the capacity to manage the economy under lockdown and contain the virus without vaccine, why the unjustifiable increase in the prices of domestic commodities and goods in Nigeria; Why is corruption taking a different dimension and the daily index figures accelerating in a geometric progression. The study was designed to be a descriptive study and analyzed using content analysis technique. The findings revealed that Covid-19 pandemic drove the Nigeria economy into hyperinflation. The study therefore concluded since the overall business environment was particularly tough for the Nigeria economy in 2020, largely driven by the excruciating high cost of goods. The government should take a proactive steps in fixing the economy and get the economy back on track and further recommended that the federal government through the fiscal and monetary authorities should develop and provide stimulus packages and growth incentives to investors especially small and medium scale industries that will enable them increase investment and productivity in the country and get the economy back on track.
