COVID-19 AND THE ECONOMY: AN AFRICAN PERSPECTIVE

Abstract

COVID-19 pandemic has brought difficult situations for citizens of nations across the world. The effects, however, may be more severe for others, especially those in the Third World countries, who are in desperate situations, and whose conditions may well further deteriorate if not put into consideration. While this pandemic affects different dimensions of life and society, this paper is concerned with the economic consequences of the COVID-19 pandemic on the economy of Africa, using the Nigerian economy as a case study. This piece observed that this virus is affecting the Nigerian economy through loss of jobs and other incomes, gradual recession and deterioration of financial and corporate sectors of the nation. It discovered that for the recovery of the economy, certain policy instruments must be administered, which include health and social protection, fiscal policy and financial, industrial and trade policies. If these policy instruments are administered, the expected outcomes from the administration of the policy instruments would be reduction in human suffering and the enhancement of the recovery of the economy from bankruptcy and recession. For the purpose of this paper, the wholistic approach was employed.