Path of Science: International Electronic Scientific Journal

Sub-Saharan Africa has been characterized as having a high prevalence of malaria and HIV. The present COVID-19 outbreak compounds and complicates Nigeria’s health and socio-economic problems that require stringent public health measures, improved health facilities and achievable economic policies to tackle. The impact of COVID-19 on national economies depends on the level of preparedness and responsiveness to shocks. This perspective dissected the structure of the Nigerian economy and the effect of the pandemic on Nigeria’s economy, having given mild health implications. The study adopted an exploratory research design and thus, relied on the past socio-economic situation in Nigeria to explain how Nigeria was affected by the pandemic. This perspective concludes that the socio-economic foundation in Nigeria is weak. These weak socio-economic settings have made the economy vulnerable to external and internal shocks. This study recommends that the Nigerian government provide adequate and internationally standard training facilities for her health workers and ensure that they are paid well and as when due. To build a resilient economy that can survive external and internal shocks, there is a need to diversify the economy’s economic base fully. Alongside achieving economic diversification, there is the need to improve the existing agricultural-industrial link. The Central Bank should adopt effective monetary policy measures to facilitate credit to private sectors to promote investment in key sectors in the economy. There is a need to increase stimulus package for all industries and households to sustain and improve employment and consumption levels. There is a need to improve efficiency in government spending. The government should sincerely invest in infrastructures to reduce the cost burden on the private sector. Furthermore, there is a crucial need to increase government investment in the health and education sector to prepare the nation for any other health emergency and build its human capital.

Abdulkareem, A., & Abdulhakeem, K. (2016). Analysing oil price-macro economy volatility in Nigeria. CBNJournal of Applied Statistics, 7(1), 1–22.

Adams, O. O., Chime, C. C., Abu, S. O., & Aigomududu, E. E (2010). How to make public spending pro-poor in Nigeria. Policy brief. Canada: Poverty and Economic Policy Network.

African Development Bank Group. (2021). Nigeria Economic Outlook. Retrieved from https://www.afdb.org/en/countries-west-africa-nigeria/nigeria-economic-outlook#:~:text=Recent%20macroeconomic%20and%20financial%20developments&text=Overall%20real%20GDP%20is%20estimated,decline%20from%20being%20much%20worse

Ajisegiri, W. S., Odusanya, O. O., & Joshi, R. (2020). COVID-19 Outbreak Situation in Nigeria and the Need for Effective Engagement of Community Health Workers for Epidemic Response. Global Biosecurity, 1(4). doi: 10.31646/gbio.69

Alege, S. O., Adamu, M., & Muhammad, S. A. (2014). Effects Of corruption on economic development in Nigeria. Global Journal of Interdisciplinary Social Sciences, 3(3), 209–215.

Soto, A. (2021, 15 June). Surging inflation in Nigeria fuels crime wave, says World Bank. Retrieved from https://www.aljazeera.com/economy/2021/6/15/surging-inflation-in-nigeria-is-fueling-crime-wave-world-bank

Rajkumar, A. S., & Swaroop, V. (2008). Public spending and outcomes: Does governance matter? Journal of Development Economics, 86(1), 96–111. doi: 10.1016/j.jdeveco.2007.08.003

Andriyani, K., Marwa, T., Adnan, N., & Muizzuddin, M. (2020). The Determinants of Foreign Exchange Reserves: Evidence from Indonesia. The Journal of Asian Finance, Economics and Business, 7(11), 629–636. doi: 10.13106/jafeb.2020.vol7.no11.629

Jegede, A. S. (2007). What Led to the Nigerian Boycott of the Polio Vaccination Campaign? PLoS Medicine, 4(3), e73. doi: 10.1371/journal.pmed.0040073

Central Bank Nigeria. (2021). Nigeria’s Inflation rates. Retrieved from https://www.cbn.gov.ng/rates/inflrates.asp?year=2021

Oyekanmi, S. (2021, June 30). Exchange rate gains at official window as dollar supply increases significantly by 115%. Retrieved from https://nairametrics.com/2021/06/30/exchange-rate-gains-at-official-window-as-dollar-supply-increases-significantly-by-115/

Food and Agriculture Organization of the United Nations. (2019). The state of food security and nutrition in the world 2019. Retrieved from https://www.fao.org/3/ca5162en/ca5162en.pdf

Filmer, D., Hammer, J. S., & Pritchett, L. H. (2000). Weak Links in the Chain: A Diagnosis of Health Policy in Poor Countries. The World Bank Research Observer, 15(2), 199–224. doi: 10.1093/wbro/15.2.199

Gilbert, M., Pullano, G., Pinotti, F., Valdano, E., Poletto, C., Boëlle, P.-Y., … Colizza, V. (2020). Preparedness and vulnerability of African countries against importations of COVID-19: a modelling study. The Lancet, 395(10227), 871–877. doi: 10.1016/s0140-6736(20)30411-6

World Health Organization. (2021). Global technical strategy for malaria 2016-2030. 2021 update. Retrieved from https://www.who.int/publications/i/item/9789240031357

Haacker, M. (2004). The Macroeconomics of HIV/AIDS. doi: 10.5089/9781589063600.071

Inegbedion, H. (2021). Impact of COVID-19 on economic growth in Nigeria: opinions and attitudes. Heliyon, 7(5), e06943. doi: 10.1016/j.heliyon.2021.e06943

Ilesanmi, O., & Afolabi, A. (2020). Perception and practices during the COVID-19 pandemic in an urban community in Nigeria: a cross-sectional study. PeerJ, 8, e10038. doi: 10.7717/peerj.10038

International Monetary Fund. (2007, January). Revision of the Fifth Edition of the IMF's Balance of Payments Manual. Retrieved from https://www.imf.org/external/np/sta/bop/bopman5.htm

UNAIDS. (2021). FactSheet. Global HIV Statistics. Retreieved from http://www.unaids.org/sites/default/files/media_asset/UNAIDS_FactSheet_en.pdf

Gylych, J., Ahmad Jibrin, A., Celik, B., & Isik, A. (2020). Impact of Oil Price Fluctuation on the Economy of Nigeria, the Core Analysis for Energy Producing Countries. Global Market and Global Trade [Working Title]. doi: 10.5772/intechopen.94055

Liu, Y., Ning, Z., Chen, Y., Guo, M., Liu, Y., Gali, N. K., … Lan, K. (2020). Aerodynamic analysis of SARS-CoV-2 in two Wuhan hospitals. Nature, 582(7813), 557–560. doi: 10.1038/s41586-020-2271-3

Habib, M. A., Dayyab, F. M., Iliyasu, G., & Habib, A. G. (2021). Knowledge, attitude and practice survey of COVID-19 pandemic in Northern Nigeria. PLOS ONE, 16(1), e0245176. doi: 10.1371/journal.pone.0245176

McKibbin, W., & Sidorenko, A. (2006). Global macroeconomic consequences of pandemic Influenza. Retrieved from https://cama.crawford.anu.edu.au/pdf/working-papers/2006/262006.pdf

Mordi, Ch., Englama, A., & Adebusuyi, B. (2010). The changing structure of the Nigerian economy. Retrieved from https://www.cbn.gov.ng/out/2011/pressrelease/gvd/the%20changing%20structure%20of%20the%20nigerian%20economy%20second%20edition.pdf

Mustapha, J., Adedokun, K., & Nasir, I. (2020). Public health preparedness towards COVID-19 outbreak in Nigeria. Asian Pacific Journal of Tropical Medicine, 13(5), 197. doi: 10.4103/1995-7645.279650

News24. (2004, February 11). Vaccine boycott spreads polio. Retrieved from https://www.news24.com/News24/Vaccine-boycott-spreads-polio-20040211

Nigeria Centre for Disease Control. (2021). COVID-19 Outbreak In Nigeria Situation Report. https://ncdc.gov.ng/diseases/sitreps/?cat=14&name=An%20in%20Nigeria

Nigeria Health Watch. (2021, April 28). Will you take the COVID-19 Vaccine? A Household Survey on the Perception of Nigerians towards a COVID-19 vaccine. Retrieved from https://nigeriahealthwatch.com/will-you-take-the-covid-19-vaccine-a-household-survey-on-the-perception-of-nigerians-towards-a-covid-19-vaccine/

Njunda, A. L., Njumkeng, C., Nsagha, S. D., Assob, J. C. N., & Kwenti, T. E. (2016). The prevalence of malaria in people living with HIV in Yaounde, Cameroon. BMC Public Health, 16(1). doi: 10.1186/s12889-016-3647-z

Ochigbo, F. (2012). Nigeria’s agriculture budget under 10%. The Nation newspaper.

Ndimele, P. (2017). The Political Ecology of Oil and Gas Activities in the Nigerian Aquatic Ecosystem. Retrieved from https://www.elsevier.com/books/the-political-ecology-of-oil-and-gas-activities-in-the-nigerian-aquatic-ecosystem/ndimele/978-0-12-809399-3

Olapegba, P. O., Ayandele, Kolawole, S., Oguntayo, R., Gandi, J., Dangiwa, A., & Ottu, I., & Iorfa, S. (2020). COVID-19 knowledge and perception in Nigeria. doi: https://psyarxiv.com/j356x/

Akwaowo, C., Eyo, C., Umoh, I., Ekpin, V., & Esubok, N. (2021). Perception and practices towards Covid-19 amongst residents in Southern Nigeria. Nigerian Postgraduate Medical Journal, 28(3), 149. doi: 10.4103/npmj.npmj_554_21

Chris, O., Amujiri, B., & Ndibe, N. (2015). Diversification of the economy: A panacea for Nigerian economic development. International Journal of Multidisciplinary Research and Development, 2(5), 477–483.

Oyinbo, O., Zakari, A. & Rekwot, G. (2013). Agricultural budgetary allocation and economic growth in Nigeria: Implications for agricultural transformation in Nigeria. Consilience: The Journal of Sustainable Development, 10(1), 16–27.

Akanmidu, P. (2015). A historical perspective of petroleum on Nigeria’s economic crisis since independence. Global Journal of Human-Social Science, 15(2), 17–24.

PWC. (2016). Transforming Nigeria's agricultural value chain. Retrieved from https://www.pwc.com/ng/en/assets/pdf/transforming-nigeria-s-agric-value-chain.pdf

Dada, S., Oniya, O., & Hussain, O. (2020). COVID-19 pandemic: Nigerians' perception about the national health system and socio-political rights. International Journal of Research in Medical Sciences, 8(12), 4174. doi: 10.18203/2320-6012.ijrms20205284

Tran, T. V., & Le, T. (2020). Optimum Reserves in Vietnam Based on the Approach of Cost-Benefit for Holding Reserves and Sovereign Risk. The Journal of Asian Finance, Economics and Business, 7(3), 157–165. doi: 10.13106/jafeb.2020.vol7.no3.157

Ubong, E., & Godwin, E. (2020). Public health expenditure and the quality of life in Nigeria: An empirical investigation. International Journal of Research and Sustainable Development, 7(1), 35–51.

United Nations Sevelopment Programme. (2021). Human Development Report. Retrieved from http://hdr.undp.org/en/content/2021-22-hdr-theme-announcement

United Nations. Economic Comission for Africa. (2012). Economic report on Africa: Unleashing Africa’s potential as a pole of Global Growth. Retrieved from https://repository.uneca.org/handle/10855/21725

Van Doremalen, N., Bushmaker, T., Morris, D. H., Holbrook, M. G., Gamble, A., Williamson, B. N., … Munster, V. J. (2020). Aerosol and Surface Stability of SARS-CoV-2 as Compared with SARS-CoV-1. New England Journal of Medicine, 382(16), 1564–1567. doi: 10.1056/nejmc2004973

UNECA. (2020, April 17). ECA. The economic impact of COVID-19 on African cities likely to be acute through a sharp decline in productivity, jobs & revenues. Retrieved from https://www.un.org/africarenewal/news/coronavirus/eca-economic-impact-covid-19-african-cities-likely-be-acute-through-sharp-decline-productivity

Warwick, Mc., & Roshen, F. (2020). The Global Macroeconomic Impacts of COVID-19: Seven Scenarios. Retrieved from https://www.brookings.edu/wp-content/uploads/2020/03/20200302_COVID19.pdf

The World Bank. (2020). Hospital beds (per 1000 people) – Nigeria. Retrieved from https://data.worldbank.org/indicator/SH.MED.BEDS.ZS?locations=NG

World Health Organization. (2017). World malaria report 2017. Geneva: WHO.

World Health Organization. (2021). R&D. Blueprint and COVID-19. Retrieved from https://www.who.int/teams/blueprint/covid-19

World Health Organization. (2020, January 31). WHO ramps up preparedness for novel coronavirus in the African region. Retrieved from https://www.afro.who.int/news/who-ramps-preparedness-novel-coronavirus-african-region

Shang, Y., Li, H., & Zhang, R. (2021). Effects of Pandemic Outbreak on Economies: Evidence From Business History Context. Frontiers in Public Health, 9. doi: 10.3389/fpubh.2021.632043

Maryla, M., Aaditya, V. D. (2020). The potential impact of COVID-19 on GDP and Trade: A preliminary assessment. Retrieved from https://openknowledge.worldbank.org/handle/10986/33605

Transparency International. (2020). Corruption Perception Index. Retrieved from www.transparency.org/en/cpi/2020/index

The World Bank. (2020). World Development Indicators. Retrieved from https://databank.worldbank.org/source/world-development-indicators

Nwanna, I. O., Nkiruka, U. (2019). Deficit financing and economic growth: the Nigerian experience. International Journal of Economics and Financial Management, 4(1), 28–49.

Ojong, C. M., Owui, H., Effiong, Ch. (2013). Effect of budget deficit financing on economic development of the Nigerian economy: 1980-2008. European Journal of Business and Management, 5(3), 61–84.

Debt Management Office Nigeria. (2021). Total public debts. Retrieved from https://www.dmo.gov.ng/debt-profile/total-public-debt

Samuel, U., Israel, V., Chibuzor, B., & Quansah, J. (2021). Relationship Between Inflation and Unemployment: Testing Philips Curve Hypotheses and Investigating the Causes of Inflation and Unemployment in Nigeria. Path of Science, 7(9), 1013–1027. doi: 10.22178/pos.74-13

Orjinmo, N. (2021). Why Nigerian looters are targeting Covid-19 aid. Retrieved from https://www.bbc.com/news/world-africa-54695568

Dabang, P., & Ukomadu, A. (2020, November). In Nigeria, looters target government warehouses stocked with COVID-19 relief. Retrieved https://www.reuters.com/article/uk-health-coronavirus-nigeria-food-idUKKBN27P0YZ

Organisation of Economic Cooperation and Development. (2020). Evaluating the initial impact of COVID-19 containment measures on economic activity. Retrieved from https://www.oecd.org/coronavirus/policy-responses/evaluating-the-initial-impact-of-covid-19-containment-measures-on-economic-activity-b1f6b68b/

Gylych, J., Jbrin, A. A., Celik, B., & Isik, A. (2020). The effect of oil price fluctuation on the economy of nigeria. International Journal of Energy Economics and Policy, 10(5), 461–468. doi: 10.32479/ijeep.9493