Towards the end of last year, the attention of the world was drawn to the discovery of the Corona Virus Disease (COVID -19). This was said to have originated in Wuhan, a popular city in the Hubei District of China.
Following the discover of the disease in several countries of the world, many countries shut their land, sea and air borders, Nigeria inclusive. Several human activities were brought to a halt. Thus, markets, schools, malls and other stimulants of economic survival were forced to shut down.
As it stands today and talking from the perspective of a realist, the Economic future of Nigeria and both the world in general is uncertain especially with the issue of lockdown which many states in Nigeria have promulgated to curtail the spread of the disease which for now has no medical cure.
Prices of goods and services has suddenly sky rocketed. This is because of travel restrictions and social distancing measures. Prices of household items which before now weren’t useful and relevant have suddenly been seen as the goddess of protection. This has forced many people to increase their demand for the goods.
Apparently aware of this fact, suppliers who want to make extra profit have also increased the price of the goods. This like my counterparts in the business sector will say is a situation where by too much money are chasing too few goods.
Furthermore, businesses organizations and companies have suddenly embraced remote work. This according to human resources experts will cause downsizing and large scale unemployment. This is because of the fact that by the time the virus nis completely swept off, several organizations having seen the benefits of working from home would either engage in a pay cut for its employees or in the other way send some of its staff members off.
Artisans unlike their counterparts in the private and public sector who get salaries at the end of the month are suffering and may continue to suffer untold hardships. This been a consequence of the stay at home order by the government. Thus it is assumed that the country may slide into economic recession and depression.
Nigeria as a country is at high risk of this because the major source of revenue is oil. And since the signing of the stay at home order into law, we haven’t been able to sell some of oil to countries in need of them. This has affected the GDP and ROI of the country.
While many countries of the world provided adequate measures and assistance for their citizens during the lockdown period, Nigeria has not been able to do any thing meaningful for its citizens. In quarters where this was done, it was more of a political propaganda. It was therefore a situation of the rich giving to the rich.
Since no one wants to die of hunger, many people saw this as an opportunity to dispossess citizens of their monies, wealth and valuables. This was the case in some parts of Lagos and Ogun states.
As a result of this, it best that the Nigerian government works assiduously to ensure that there is a forthwith economic diversification. This is necessary so the last error wouldn’t be worse than the first. Furthermore, government finances should be streamlined. Several areas of government spending arbitrarily should be contained, this include the budget especially for members of the parliament.
I do hope the deadly epidemic is swept off the nation’s borders in no distant time and I also wish our scientists good speed in their quest to find relevant vaccines to cure the virus.