R1704D2623249

University of South Wales

School of Business Administration

Research Methods (BS4S14-V1-21411)

(Negative Impact of COVID-19 on The Nigerian Economy)

Project Output 1

Student Name - Osagie, Obazee

Student ID - R1704D2623249

Tutors Name -Tanusree, Sengupta

Submission Date – 20th December 2020

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Table of Contents

Abstract………………………………………………………………………………. 3

1.0 Introduction…………………………………………………………………... 4
2.0 Brief History of COVID-19 in Relation to Nigeria ……………………...….. 4 - 8
Table 1.0 (Global Covid-19 Statistics as at 31st March 2020) …………….… 5
Table 2.0 (Confirmed cases by states as at 19th December 2020) …………... 6 - 8
3.0 Economic Analysis of the Nigerian Economy before the year 2020 and Year 2020
Projection ......................................................................................................... 9 - 10
4.0 Negative Effect of The Pandemic on Citizens and some Measures taken by the
Nigerian Government…………………………………………………...………… …
10 - 11
5.0 The Pandemic Effect on the Nations Income……………………………… .. 11 - 15
Table 3.0: NSE (Nigeria Stock Exchange) All share Historical Data (02/03/2020-
02/04/2020) …………………………………………………………………. 11 - 14

Table 4.0: Movement Restriction in Nigeria During Covid-19 Pandemic …. 14 - 15

6.0 The Realities COVID-19 Revealed About the Nigerian Health Sector …….. 15
7.0 Why the Nation Nigeria May Find It Difficult Recovering from The Negative Impact
of This Pandemic ……………………………………………………. 16
8.0 Helpful Steps to Grow Back the Nigerians Economy ………………………. 16 - 17
9.0 Key issues the Government should handle in other to become economically stronger in
the face of COVID-19 …………………………………………………… 17 – 18
Chart 1.0………………………………………………………………….…... 18
Chart 2.0………………………………………………………………… ..… 18.
10.0 Recommendation/Conclusion ………………………………………………. 19
11.0 References…………………………………………………………………….20 - 21

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Abstracts

No crises ever had a negative effect on Nigerians economy compared to that of the deadening
effect of the global pandemic (COVID-19). Of a true, her economy was previously struggling
to attain continuous growth before the advent of the pandemic, however the pandemic made
it a free fall. In the heat of this deadly disease which is said to be airborne and easily
contacted by touch and contact with droplet from an infected person, measures like social
distancing, wearing of face or nose mask, stay at home policies (where schools and other
forms of establishment besides hospitals and utility services were on lock down) were
deliberately taken to control its spread. As effective as these measures, it was traced to be one
of the root causes of the free fall of the Nigerian economy.

In this paper, we shall be analyzing the previous state of the Nigerian economy (before the
emergence of the pandemic) by recognized bodies, we also will be analyzing the disease
COVID-19 (history, prevention so far including the recent evented vaccine, the realities the
pandemic revealed about the undiversified Nigerian economy which solely depends on oil
exportation, its adverse effect on her citizens, as well as various efforts made to revive the
economy in a bid to ensure her citizens live above poverty line).

I however concluded with ideas considered to be useful in making the Nigerian economy
bounce back.

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1.0 Introduction
Nigeria is a country with a fast-growing population; having approximately 202
million people (World Bank in Nigeria, October 2019). Nigeria is also regarded
globally as the most populous black nation with the largest population of youths in the
world. It has plethora of natural resources; she is Africans biggest oil exporter with
the largest natural gas reserve on the continent. As a country, that always appears
under privileged to the international communities, it has been battling unending health
challenging issues like malaria, polio, typhoid and the likes of these with the help of
international organizations like UNICEF, WHO amongst others. Despite the funds
released to eradicate these diseases/sicknesses, corruption among other political and
economic factors won’t let the fight see the light of the day.

We shall start our discussion by considering the already declining state of the
Nigerian economy before the emergence of this pandemic. This will lead us to the
realities COVID-19 exposed about the Nigerian health sector, some politicking nature
politicians exhibited in a bid to take advantage of the situation, key factors indicating
Nigeria was not prepared for such an outbreak as well as some adverse effect of the
pandemic. I will then be bringing this write up to a conclusion on why the nation
Nigeria may find it difficult recovering from the negative impact of the pandemic and
on a final note give some key issues the Government should handle in other to
become economically stronger.

2.0 Brief History of COVID-19 in Relation to Nigeria

On February 27th 2020, COVID-19 (a virus transmitted through direct contact which
could be through touching infected/contaminated surfaces, contacts with respiratory
droplets of an infected person generated through the act of sneezing or coughing and
further touching of the face; eyes, nose and mouth especially) was officially declared
in Nigeria making her the first sub Saharan African country with a record of the virus.
Investigations showed that the contagious virus came into the country through an
Italian citizen, who flew into Lagos state Nigeria from Europe and few days later

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tested positive to the deadly and globally dreadful virus ‘COVID-19’ (Gilbert et al,
2020). Global research institutions discovered that COVID-19 emanated from Wuhan,
the Hubei region of China. This deadly virus added up to the numerous pandemics
being faced by Nigeria citizens. According to the Nigeria Centre for Disease Control
(NCDC) (2020), ‘as of April 22, 873 cases were confirmed, 197 recoveries were
made, and 28 patients had died as a result of the virus COVID-19’. Since the advent
of this pandemic, the Nigerian Government in conjunction with private sectors,
international organizations and religious bodies like the church have engaged
numerous methods and programs to curb the spread of this wide spreading virus.

Below table shows a summary of the statistics of various classifications of cases of

the covid-19 in selected countries.

Table 1.0: Global Covid-19 Statistics (as at 31st March 2020)

Countries Confirmed cases Confirmed deaths Recovery Cases
(Total) (Total) (Total)
Global 842,735 41,425 176,504
US 180,723 3,578 6,241
Italy 105,792 12,428 15,729
China 81,518 3,305 76,052
Iran 44,605 2,898 14,656
Spain 94,417 8,269 19,259
Germany 68,180 682 15,824
UK 25,150 1,789 135
Egypt 710 46 157
Nigeria 135 2 8
Ghana 161 5 31
South Africa 1,135 3 31
Zimbabwe 8 1 0
Source: Worldometer.
Note that there may be unconfirmed cases which were never reported to the
public health authorities.

Below table show a summary of the statistics of various classifications of cases of the
covid-19 in various states in Nigeria.

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Table 2.0 Confirmed Cases by State as at 19th December 2020.

No. of
No. of
States Cases (Lab No. No. of
Cases (on
Affected Confirmed Discharged Deaths
admission)
)

Lagos 26,182 2,050 23,898 234

FCT 9,308 2,734 6,486 88

Kaduna 4,272 588 3,636 48

Plateau 4,192 241 3,917 34

Oyo 3,785 366 3,373 46

Rivers 3,259 231 2,968 60

Edo 2,756 50 2,593 113

Ogun 2,361 177 2,151 33

Kano 2,003 191 1,756 56

Delta 1,833 47 1,737 49

Ondo 1,783 52 1,690 41

Katsina 1,384 263 1,097 24

Enugu 1,363 23 1,319 21

Kwara 1,296 171 1,094 31

Gombe 1,164 183 950 31

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No. of
No. of
States Cases (Lab No. No. of
Cases (on
Affected Confirmed Discharged Deaths
admission)
)

Ebonyi 1,091 24 1,037 30

Abia 980 25 945 10

Osun 974 19 934 21

Bauchi 897 110 773 14

Borno 774 33 705 36

Imo 734 61 661 12

Nasarawa 600 262 325 13

Benue 515 44 460 11

Bayelsa 492 50 421 21

Ekiti 402 28 368 6

Akwa
395 50 336 9
Ibom

Jigawa 386 57 318 11

Niger 338 37 289 12

Adamawa 329 71 238 20

Anambra 297 4 274 19

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No. of
No. of
States Cases (Lab No. No. of
Cases (on
Affected Confirmed Discharged Deaths
admission)
)

Sokoto 210 22 171 17

Taraba 203 19 177 7

Kebbi 143 5 130 8

Yobe 135 27 100 8

Cross
93 1 81 11
River

Zamfara 79 1 73 5

Kogi 5 0 3 2

3.0 Economic Analysis of the Nigerian Economy before the year 2020 and Year 2020
Projection

According to the African Development Bank publication on ‘Nigerian Economic

Outlook’ (2019), in 2019 real GDP growth was estimated at 2.3% which was in
margin higher than 1.9% as obtained in 2018. Real GDP growth was projected to an
increase of 2.9% in 2020 and 3.3% in 2021. This projection depended so much on the
Economic Recovery and Growth plan targeted between 2017 and 2020 with the
diversification of the economy from a country depending solely on oil to a country
depending on multiple sources of income. Before 2020, there was widespread hunger
above an average of 69% on a national level (Nigerian Economic Outlook, 2020).
This was an agenda in the right direction only if the Government had acted
committedly on its plans. The case was different as instead of sticking with her

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economic development plans of enhancing diversification of the country’s sole source

of income (crude oil export) which would have included economic resuscitation by
the real time investment in agricultural processing, iron industry, gold mining among
the harnessing of other natural resources. Nigeria economic team were inactive in real
time and allowed activities starting from the rising public debt and associated funding
costs posing , insecurity especially in the Northern part of Nigeria by the sect group
Boko haram who are kidnapping and terrorizing innocent citizens and the herdsmen
who were fighting Nigerian farmers across the region (further shriveling the domestic
economy and hampering prospects for economic growth as proposed by the economic
team set up by the Government of President Muhammadu Buhari.

Despite the unrelenting commitment by the president of Nigeria to remain focused on

the agenda (tackling corruption, unemployment, insecurity, the issue of climate
resilience and diversification) of its Government, rising public debt, rising
unemployment amounting to 23% in 2018 with another 20% of underemployed labor
force (Creating social tension) as well as trade tension as portrayed by CNN between
United States and China further weakened global growth and reduced the demand for
crude oil. While this trade war of world supremacy was on, Nigeria soon started
intensifying efforts on a diversification plan but the politicians in Nigeria were
sabotaging the effort of the Government of the day and the Government of the day
was too weak to put its cabinet in order by laying off the truly corrupt politicians.
Instead the Government relied more on loyalty.

While all these confrontations were going on in the late 2019, the year 2020 came
with a mind-blowing (COVID-19) that put the entire world on a standstill. Nigeria
was not left out as she had some states on permanent lockdown while some were on
partial lockdown. This extended to the closure of both local and international borders
to reducing the rapid spread of the virus. The border closure further cause inflation as
most of the commodities in the Nigerian market are imported (majority of the
imported goods especially the consumables are cheaper in price).

4.0 Negative Effect of The Pandemic on Citizens and some Measures taken by the
Nigerian Government

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In the already existing fragile state of the Nigerian economy which had a GDP before
the crisis of below $1 per day as the cost of living of an average Nigerian, came the
global pandemic COVID-19 which brought further hardship in diverse ways on her
citizens. So many lost their jobs, salaries were slashed, companies and small
businesses folded up, cost of living became high due to inflation of virtually all
commodities, even so many marriages broke up as the man who was supposed to
provide for the family could no longer meet up with His obligations. The impact
cannot be overemphasized as even children had to drop out from school and engage in
menial jobs to support their families.

So some measures such as partial/complete lock down of states experiencing rapid

increase of infection, free health care for anyone infected by this virus among others
as adopted by the Nigerian Government to ease the heightened tension of the
pandemic further brought down the economy of the nation which is currently
experiencing free fall resulting in further inflation and devaluation of the Nigerian
currency (Naira). Further measures taken by the Government to ease the effect of this
hardship on her citizens across the 36 states include the rolling out of palliative
measures such as massive food distribution, Tradermoni, Farmermoni and
Marketmoni loans issued by the Bank of industry, Bank of Agriculture, and the
Nigeria Export and Import Bank with very low interest rate and a three months
interest holiday. Among other measures taken by the Government is the reduction of
vat on some items. As good as these efforts seems, it still was not sustainable as it was
becoming a huge financial burden to the Government. As such the Government had to
start reopening activities that will help the economy bounce back.

5.0 The Pandemic Effect on the Nations Income

The economy of Nigeria depends so much on revenue from oil export and in the heat
of the pandemic, there was a crash in the price of crude oil bringing Government
revenue which had a fall from an already low 8% of GDP in 2019 to a projected 5%
in 2020. This in addition to the COVID-19 lockdown where economic activities were
limited to almost a standstill; drastically affected her economy negatively. School
closure also reduced the daily food consumption of almost 7million children who are

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enrolled in the national school feeding program. This made the Federal Government
of Nigeria not to be able to meet her targeted benchmark demand of $57 per barrel
needed to fund the 2020 budget due to the initial fall to $30 per barrel creating a gap
of $27 (a deficit aside from slashing 1.5 trillion naira in other to make the 2020
budget realistic). As oil was no longer needed globally, Nigeria had no major item to
export causing a free fall of the Naira when compared to the dollar. Importers and
exporters of various commodities were financially bankrupt as so many of them who
initially took loans from the bank had to solicit for more loans due to the Naira
devaluation. This also made so many employers lay off and reduce the salaries of
their staff there by reducing the spending power of many Nigerians which indirectly
affects the Nations GDP.

Table 3.0: NSE (Nigeria Stock Exchange) All share Historical Data
(02/03/2020-02/04/2020)
Date Price Open High Low Volume Change%
April 21,100.54 21,309.50 21,317.98 20,779.13 154.35M -0.94%
01,
2020
Marc 21,300.47 21,330.79 21,340.64 21,270.26 422.00M -0.14%
h 31,
2020
Marc 21,330.79 21,828.65 21,828.65 21,330.79 466.87M -2.43%
h 30,
2020
Marc 21,861.78 21,842.18 21,885.05 21,803.89 251.4%1M 0.48%
h 27,
2020
Marc 21,757.47 21,729.48 21,903.00 21,696.88 172.16M 0.13%
h 26,
2020
Marc 21,729.48 21,743.47 21,814.74 21,663.32 233.07M -0.05%
h 25,
2020
Marc 21,741.16 21,703.80 21,770.42 21,703.80 330.10M 0.19%
h 24,

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2020
Marc 21,700.98 22,198.43 22,208.81 21,694.16 464.36M -2.24%
h 23,
2020
Marc 22,198.43 22,072.56 22,211.67 22,035.11 379.48M 0.36%
h 20,
2020
Marc 22,118.90 22,785.19 22,785.19 22,118.90 525.85M -2.94%
h 19,
2020
Marc 22,789.64 22,549.09 22,804.70 22,118.37 671.52M 1.09%
h 18,
2020
Marc 22,543.07 22,705.19 23,008.59 22,497.73 675.82M -0.71%
h 17,
2020
Marc 22,705.19 22,745.39 22,797.39 22,618.36 551.48M -0.13%
h 16,
2020
Marc 22,734.07 22,729.01 22,813.47 22,550.08 732.62M 0.17%
h 13,
2020
Marc 22,695.88 23,500.46 23,500.46 22,694.32 1.06B -3.72%
h 12,
2020
Marc 23,572.75 24.278.53 24,321.51 23,260.07 1.39B -3.35%
h 11,
2020
Marc 24,388.66 25,412.57 25,412.57 24,381.88 594.47M -4.91%
h 10,
2020
Marc 25,647.54 26,141.24 26,141.24 25,648.45 185.49M -2.41%
h 09,
2020
Marc 26,279.61 26,426.20 26,455.26 26,273.58 361.08M -0.55%
h 06,
2020
Marc 26,426.20 26,418.82 26,626.07 26,408.25 431.90M 0.04%
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h 05,
2020
Marc 26,415.54 26,283.35 26,438.78 26,256.24 307.66M 0.61%
h 04,
2020
Marc 26,255.11 25,816.57 26,344.55 25,816.57 387.42M 1.70%
h 03,
2020
Marc 25,816.57 26,143.02 26,170.58 25,816.57 325.26M -1.53%
h 02,
2020
Highest: Lowest: Difference: Average: Change %:
26,626.07 20779.13 5,846.94 23,265.64 -19.51
Source: investing.com
The figures in green color represent ASI gains while the figures in red color
represent ASI losses.

Below table displays certain sectors in Nigeria and states various restriction measures
they had to adhere to during the heat of the pandemic.

Table 4.0: Movement Restriction in Nigeria During Covid-19 Pandemic

S/n Affected Impact

Sector
1 Aviation There were series of flight cancellation as NCAA suspended all
sector international airports.
2 Education Both private and public schools were shut down while students
sector were sent home.
3 Banking While few staff were available in the banking hall to attend to
sector depositing customers, the senior and some other staff were
asked to work from home.
4 Civil To ensure remote quarantine, there was an initial suspension
Service from work for 14 days which was further extended due to the
sector intensity of the pandemic wave.
5 Market Business time for food market was regulated
6 Religious All religious gatherings were banned indefinitely. Those that

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sector disobeyed the order were made to face the wrath of the law.
7 Sports All sporting events were cancelled, and most sport centers were
converted to quarantine centers.
8 All sector There was an initial 14 days lock down which was later
extended due to the intensity of the pandemic
9 Special Gathering such as burial ceremonies that were unavoidable were
gathering scrutinized to 20 persons per gathering with special guidelines.
10 Additional 11 business were excluded from the ban and they include: (i)
event Private security companies, (ii) Medical establishments, (iii)
Broadcasting firms, (iv) Food processing and distribution
companies, (v) Petroleum distribution and retail entities, (vi)
Hospitals, (vii)Telecommunication workers, (viii) Health care
manufacturing and distribution companies, (ix)Print media staff,
(x) Electronic media personnel
Source: (i) https://www.pulse.ng/news/metro/coronavirus-watch-how-fcta-
arrested-abuja-pastor-for-holding-sunday-service/tw1058m
(ii) https://www.vanguardngr.com/2020/03/11-establishments-exempted-from-
total-lockdown-in-lagos-abuja-ogun/

12.0 The Realities COVID-19 Revealed About the Nigerian Health Sector

In the face of the COVID-19 hospital emergency response, it became obvious that
hospitals in Nigeria were not adequately equipped. According to a publication by
Anadolu Agency on ST. Nicholas Hospital (April 2020), ST. Nicholas Hospital
among some other hospitals were officially shut down for two weeks (April 18 th to
May 2nd); a directive from HEFAMAA (Health Facility Monitoring and Accreditation
Agency) in other to decontaminate the building and get the facility better equipped for
the combat of the pandemic. It was so bad that there were shortages of bed spaces,
hospital personnel, medical equipment and funds. Considering this, meaningful
Nigerians gave out some of their properties to serve as isolation centers for the care of
those infected. According to Health wise on the Punch May 2020, the President,
commonwealth Medical Association, Dr. Osahon, Enabulele said ‘people now
understand what it means to say health is wealth’. Further speaking, he advocated
Government at all levels to prioritize investment in the health sector.

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7.0 Why the Nation Nigeria May Find It Difficult Recovering from The Negative
Impact of This Pandemic.

In the heat of the pandemic, so many events, flights social, religious and official
gatherings were cancelled. This came with the intentions of curbing the spread though
it turned out to affect the economy negatively. As industries globally halted their
operation to as good as zero operation, the cost of energy (oil) started declining (oil
price fell to less than 22 dollars per barrel hence reducing the money Nigeria makes
from oil exportation. This further collapsed the Nigerian economy which greatly
depends on oil exportation. Along the line, several jobs were lost as the companies
were no longer generating income to pay salaries. Some of the ripple effect of the
pandemic were the inability of borrowers to service loans; making banks reluctant to
give more loans, there was also a decline in the demand of fuel making the price of
crude oil to fall as well as hunger and frustration making people to go stealing/looting
shops.

8.0 Helpful Steps to Grow Back the Nigerian Economy

According to the World Bank Nigeria Development Update (June 2020), five
important areas that can help Nigeria recover from the negative effect of this Covid-
19 crisis are listed below.

 Manage the outbreak within control and prepare for a worst crisis.
 Boosting of investors’ confidence by enhancing macro-economic management.
 Generation of more revenues and good management of existing revenue.
 Efficient spending based on order of priority in other to protect critical development
expenditures which will go a long way in stimulating economic activities.
 Protection of poor and vulnerable communities.
Below are further steps Nigeria could use to grow her economy:
 Increase budgeting for the educational system as this will help to enhance the
entrepreneurship ability/ideas of her citizens.

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 Taking a better advantage of the underutilized resources in digital technology such as

marketing and sales on social media.
 Open closed borders to improve trade integration within neighboring countries.
 Enhance the creation of a workable, transparent and easily predictable policies that
will attract new investors, encourage existing investors to invest more and reduce
investment risk.
 Rehabilitation/new road construction to ease transportation of manufactured goods in
good time and in good condition.
 Formidably diversify the economy by giving credence to other sectors of the economy
besides just the oil sector. Sectors whose resources have not been fully harness
include agricultural resources, coal, gold, iron ore, lead and zinc.
 Make loans easily accessible and serviceable in order to encourage new
investors/entrepreneurs.
 Curb the insecurity challenges majorly caused by Boko haram and herdsmen
insurgency in the northern parts of Nigeria as investor are only willing to invest in a
safe and growing economy having prospects for continuous development.

9.0 Key issues the Government should handle in other to become economically stronger
in the face of COVID-19

Considering the halt in growth of the world’s economy majorly due to the crash in oil
price, Nigeria has been critically looking within to discover other unexplored areas like
agriculture and other natural resources that can grow the economy (diversification). Also,
bailout funds have been given out continuously at all levels of Government to stimulate
their economies. These bailout funds have been given to business and state Government
through the CBN. Also the interest rates on all CBN intervention facilities which include
50 Billion Naira facility to household and business affected by COVID-19, 100 Billion
Naira facility to pharmaceutical and health sector companies to revive their businesses
and 1 Trillion facility to agricultural and manufacturing companies for the expansion and
set up of new factories as well as a suspension of repayment of all state government loans
for one year to give states ample financing room to pay salaries.
As juicy as these offers may sound, an economic analyst by name Elechuwu, Bristol ‘urge
the Government to reduce her high budgets cost by cutting down overheads in

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government salaries and blocking every leakages in corrupt in public offices like customs
to enable them generate enough fund to run the economy to cushion the effect by
providing stimulus package.

Chart 1.0

(Source: Data from domestic authorities; figures for 2019 are estimates; figures for 2020 and
2021 are projections by the African Economic Outlook team)

There had been a steady growing path for the Nigerian economy since 2015 at an average of
1.9% in 2018 which remain stable at 2% in the first half of 2019 (Nigerian Economic
Outlook, 2020). However, with the economic plan in place, the economic growth was
expected to still be growing slowly than the nation’s population.

LENDING

Chart 2.0 Nigeria: Commitments by fiscal year (in millions of dollars)

*Amounts include IBRD and IDA commitments

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(Source: Nigerian Economic Outlook, 2020)

10.0 Recommendation/Conclusion
The issue of lives should never be politicized, the Nigerian Government should sincerely
invest in the health sector with a reviewed commitment for excellent health. Before this
pandemic, Nigerian has been battling with malaria which share some similarity in
symptoms with the COVID-19 and has cost the highest number of deaths according to the
World Health Organization (WHO). In sincerity, if the Government at all levels had put
good infrastructures like clean gutters, good and clean roads, clear and flowing water
channels as well as allow the finances sent in by the international communities to be used
for the sole purpose it was sent for, the issue of malaria would have been a thing of the
past. In same vain, the Nigeria Government should not try to take this case of COVID-19
trivial. It should employ all available measures with all sincerity of hearth so we can get a
good result. The 2020 pandemic crises were accompanied with a global fall of the stock
market as the world’s economy kept crashing putting the nation in a state of recession.
The recession was eminent due to the fall of crude oil price. The stimulation of local
business by the Government through the granting of small loans to the grassroots as well
as other effort aimed at increasing focus on stimulating local business will go a long way
in revamping our economy from the shock COVID-19 laid on her as a Nation.
In the heat of COVID-19, there was limited access to inter border trade; hence the need to
maximize local production in preparation for a second wave which was recently
announced in December 2020.
There is already tension in the air, caused by hunger, loss of jobs and death by hunger
amongst other horrible circumstances which steered tension in the air causing protest in
different parts of the countries as such the Government ought not to be increasing the cost
of basic resources like petroleum and VAT like it did twice already this year amidst the
COVID-19 pandemic.

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11.0 References

Anadolu Agency (April 2020). ST. Nicholas Hospital in Lagos Stops Offering Services for
Two Weeks. (Online). Available at: https://www.aa.com.tr/en/africa/nigeria-hospital-shuts-
down-over-covid-19-fears/1813043. (Accessed: December 2020).

Dr. Amanze, E., Dr. Obiora, O. and Dr. Chibuzo, E. (2020). Nigerian Budgetary Response to
the COVID-19 Pandemic and its Shrinking Fiscal Space: Financial Sustainability,
Employment, Social Inequality and Business Implications. Journal of Public Budgeting,
Accounting & Financial Management. Vol. 32 issue 5. (Online). Available at:
https://doi.org/10.1108/JPBAFM-07-2020-0101. (Accessed: December 2020).

Gilbert, M., Pullano, G., Pinotti, F., et al. (2020). Preparedness and Vulnerability of African
Countries Against Importations of COVID-19: A Modelling Study. (Online). Available at:
https://doi.org/10.1016/ S0140–6736(20)30411–6. (Accessed: October 2020).

He, Y. T., Wang, X.J., Hao, H. H., et al. (2020). Moving-average based index to timely
evaluate the current epidemic situation after COVID-19 outbreak. (Online). Available at:
10.1101/2020.03.24.20027730 - DOI. (Accessed: October 2020).

Mansir, Nasir (2020). World Bank Nigeria Development Update. Press Release NO:
2020/154/AFR. (Online). Available at:
https://www.worldbank.org/en/country/nigeria/publication/nigeria-development-update-
rebuilding-after-covid19. (Accessed: December 2020).

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