Investigating the effect of the COVID-19 pandemic on the Nigerian economy: An Autoregressive Distribution Lags (ARDL) perspective

Abstract

COVID-19 has had a devastating impact on the global economy, particularly in Nigeria. A study focused on the long-term and short-term effects of COVID-19 on Nigeria's GDP using macroeconomic variables. Weekly data from the CBN statistical bulletin (2021-2022) and the Johansen co-integration test revealed a significant negative impact of COVID-19 on GDP, implying reduced economic growth in the long run (p<0.05). The study recommends stringent disease management and financial support for private investors to counteract COVID-19's adverse economic effects.