Socio-economic implications of COVID-19 pandemic in Nigeria

Abstract

After half of a century as a major oil producer, the Nigerian economy is yet to diversify; thus, remains dominated by primary activities. Whereas oil and gas activities directly employ a negligible number of Nigerians, the industry impacts on the overall economy of the country. However, with large resource windfalls, limited technical capacity, and weak check and balances, the scope for inefficiency, corruption, and elite capture of Nigeria‘s oil-driven economy is substantial. Consequently, the arrival of COVID-19 further exposed the fragility of the economy. As a theoretical paper, the researcher relied on data from secondary sources which yielded quantitative and qualitative information. The secondary data were derived mainly from journals, books and empirical case studies on the impact of pandemics on global production of petroleum, the Nigerian economy, and the overall social sector. News media analysis, government bulletins, and relevant data from civil society organizations, State Security Forces, and Corporate organizations on the debilitating consequences of the COVID-19 pandemic were also reviewed. The paper revealed that the socio-economic implications of the pandemic derived from fall in global oil price, policy interventions by the government such as bans on certain types of activities, closure of borders, state lockdowns, school closure and social distancing policies, all of which resulted in disruptions felt in all the sectors of the economy and society. Thus, it is suggested here that efforts must be made to address poverty just as there is an urgent need to improve on the healthcare sector. Unemployment should be tackled positively while government should place greater emphasis on technology and other modern methods of imparting knowledge.