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The updated implementation guidelines for extension of lockdown has revealed a structured return to the “normal” Nigerian life. Although there are still public restriction measures, the Presidential Task Force on COVID-19 has sagged key measures regarding business resumption. The new guidelines establish new protocols on education, transportation, banking, manufacturing, civil service, and the hospitality industry.
The challenges of coronavirus and dwindling oil price are aching Nigeria’s economy. Things may also get worse if not managed well. The situation would stimulate negative growth, worsen foreign exchange and increase unemployment. Also, the crises will reduce federal allocations. This means unpaid wages, limited capital spending at all tiers of government. By extension, the crises will impact Nigeria’s private sector and increase poverty.
The outbreak of COVID–19 is causing serious economic changes across the globe. One of its many clear effects is the declining oil price and lower demand for crude. This is as a result of movement restrictions and the lockdown of major economies across the world. For Nigeria, COVID-19 has a double effect on its economy as an oil-dependent nation.
