CORONAVIRUS PANDEMIC: BUSINESS AND FINANCIAL IMPACT ON NIGERIAN ECONOMY

Abstract

Countries have moved away from multilateralism and responded by fighting for themselves with several measures to protect their people and economies, regardless of the spill-over effects on the rest of the world as a result of coronavirus pandemic. Expectedly, government and businesses in Nigeria were not prepared for a disruption of this magnitude foisted by the COVID-19 and are now actively making plans and formulating policies to survive the pandemic. As a country solely depending on oil to drive the economy, the COVID-19 effect hit the nation harder than well-diversified economies. Its in this light that the study concludes that Nigeria have to use this crisis as an opportunity to reconstruct the country and its economy. The economy shutting down and the overloaded public healthcare systems show that the entire economic system needs to be reinvigorated as the lockdown shown how vulnerable people could be in the face of nature.