MONO-ECONOMY IN A PANDEMIC RAVAGING SOCIETY

Abstract

Suffice to observe that nations with diversified economy were badly hit by the ravaging nature of the corona virus disease but the magnitude of its effect on a mono-economy such as Nigeria is incomparable. The reality of covid19 on the Nigerian economy is only a tip of the iceberg to many lessons that the Nigerian government should learn. Nigeria no doubt is a mono-economy with heavy reliance on crude oil. I seriously doubt if there were lessons learnt during the below zero dollar price of the American oil coupled with the continuous dwindling price of the London Brent. If there is any time to consider imperatively the issue of diversification of the Nigerian economy, it is now because the worst of the earth phenomenal pandemics are yet to be here. This paper was conceived with a view to highlighting some of the adverse effects a mono-economy is bound to face in situations such as covid19. It is in the optimistic view of this researcher that the outcome of this research will further nourish and reengineer the proactive posture of policy makers in Nigeria to do the needful. The researcher identified that the Nigerian government is docile and yet to learn any lesson from the effect of Covid19 on the economy. Consequent on this reality, the researcher recommends that the government should genuinely swing into action policies that will lead to the diversification of the economy.