Implications of Pandemic Covid 19 on the economy of Nigeria by Ndaminin Adamu Mohammed

The case of pandemic covid19 in Nigeria has a serious significant trauma on the economy of our great country. Meaning to say that it affects the financial stands of the country, in the sense that it will curtail the rate of importation and exportation which will actually circumvent to affect the value of currency.
Apart from the forgoing, the aim and goals of every developing country is to see that the rate of trade activities in the country should always surd, elevate and skyrocket. Then if really the trade activities should curtail or reduce drastically, then the backbone of the country which is refers to as financial stands of a country may be dormant there by affecting the economic standard of that actual country.
Suggesting that, the higher the rate of economic growth of the country, the lower the rate of slipping into recession and likewise, the lower the rate of economic growth of the country, the higher the rate of slipping into recession.
More so, the term called circular flow of income won’t be much more effective in the country do to curfew been imporsed on the citizens in order to diminish the rate of affection of the virus in the various states, thereby causing the citizens to be at home which may actually curtail the income of individuals in the country. And the possible solution of reduction of the rate of poverty in Nigeria do to lack of trade activities in the country maybe only be a single solution, which is by injecting its available resources to the economy, thereby affecting its external reserve.

In a brief conclusion and recommendation, COVID19 is currently affecting the economic growth of the entire country.
Suggesting that, different countries should come together in order to come up with the vaccine that will cure and prevent the pandemic.


Leave a Reply

Notify of