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Negative effects of COVID-19 on Nigeria’s economy

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COVID-19 is a code-name for the latest pandemic called coronavirus, which has no doubt, done a dastardly blow on the global economy in general and the Nigerian economy in particular.

  The situation is made worst by the fact that Nigeria, even before this festering pandemic, had been a fledging economy, with rise and fall status.

  For instance, the main stay of the national economy happens to be the embattled mineral resource; the petroleum resource. It is embattled because Nigeria and her governments have repeatedly and successively fed on this natural resource, while looking the other way whenever the issue of exploring other mineral resources which the almighty God has endowed her with comes up in national discourse.

  Thus, we keep exploring and exploiting only the petroleum, and trading with it on the international market while suspending other minerals that equally possess the capacity to fetch us foreign currency. This is even as several notable Nigerian people have at various occasions, called for national savvy on the matter. Unfortunately, the calls have fallen on deaf ears, as the government and the advisers have often failed to listen to voices and inputs of reason.

  And so, the matter continued like that until this global cankerworm called COVID-19 caught us napping. This is what procrastination which they say is a stealer of time can do.

  Now, it bears no overstating to affirm that COVID-19 has unfortunately had some negative effect on the Nigerian economy. For instance, still on the petroleum issue which has reduced us to a mono-economy country, we are known to depend very much on the other countries to sell our petroleum products. But currently, we can no longer transact with most of these foreign nations due to the fact that the COVID-19 protocol both here and abroad forbids at that moment, international flights and navigations, which easily facilitate the sale of petroleum products. And come to think of it, individuals abroad equally suffer economically in one way or the other and as such, they are minimising things for themselves in international trade. Nigeria now resorts to borrowing and this has led to all time devaluation of our currency. The consequence is inflation which is hitting the people hard.

  Unemployment figure soars higher, as most employers of labour are either closing firms or down-sizing their work force. This has further increased crime among the youth and corruption in the public sector of the economy.

  This is made worst by the fact that palliatives were not distributed evenly to Nigerian citizens, especially during the lockdowns in the country; a situation which has now caused debility in most aspects of our national life – socio-economic, socio-political and spiritual lives.

 We can imagine where Nigeria was economically and how the masses faired, like where the blind is being attacked with matchet and he dodges it before COVID-19. The COVID-19 has brought with it a plethora of festering injuries that currently try to leave the world with some trails. In fact, the deprivation (even though it’s still on) is quite alarming and shocking!

A further draconian situation which has been occasioned by the malaise of COVID-19 is this perturbing issue og gross scam in the country. There is scam everywhere. This has been empowered or given by the indices of operation by the computer age, which we currently find ourselves in. The bizarre situation has grown so terribly that banks now advise their numerous customers not to disclose some vital sensitive information to people who falsely claim to be staff members and representatives of their banks.

  Too many individuals currently tell lies at random in order to make money. Even in the Christendom, people float churches in business manners, on wrong foundations and with wrong methods. They prosecute and promote what the bible condemns.

  Thus, its not as though it was not like this before COVID-19, but the tempo with which it is being done presently has elicited some questions. Of course, church business, rather than church church-building (that is, building the church for heaven worthiness) has always been an off-shoot of economic imbalance and hard times in the country.

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