Repositioning the Nigerian Economy in the COVID-19 Era and Beyond
The COVID-19 pandemic has changed the way of life of citizens around the world and in a short time, affected all areas of human society. The third year into the COVID-19 pandemic and the after-effects of Covid-19 are felt globally. The global social and economic activities have been altered as the world embraced the changes that have taken place as “a new normal”. The devastating impact of the Covid-19 pandemic has brought the global economy to its knees by generating serious shocks that have caused global economic fluctuations. The pandemic is threatening to pull into deep economic recession even the most powerful economies in the world. As such, no nation is insulated against the ravaging impact of the Covid-19 pandemic on global public health system and global economy. Before the outbreak of the Covid-19 pandemic, Nigeria had been grappling with the burden of foreign debts, general insecurity, unemployment, and a dwindling economy. The economy was in a fragile state aside, suffering from a wide range of developmental challenges as well as glaring infrastructural deficits. The situation has not turned for the better but rather got worse since the outbreak of Covid-19. The lockdown measures and other preventive measures to curtail the spread of the pandemic further exposed the fragility of Nigeria’s economy. These measures crippled major economic activities in Nigeria. This resulted in the circular flow of income being significantly constrained since a reasonable proportion of the productive elements were rendered idle. Against the above backdrop, this paper examines the measures for the repositioning of Nigeria’s economy in the Covid-19 era and beyond.
Keywords: Coronavirus, Globalization, Microeconomic policy, Gross Domestic Product (GDP), New Normal