A critical analysis of the effect of Covid-19 lockdown on importation in Nigeria

Esther Chidubem Olufunmilayo Nnanna

Bachelor's thesis

Abstract:

This stud analyses the COVID-19 situation in Nigeria, its effect on the economy, foreign relations and trade activities.The findings reveal that the economic downturn in Nigeria was triggered by combination of declining oil price and spillovers from the COVID-19 outbreak, which not only led to a fall in the demand for oil products but also stopped economic activities from taking place when social distancing policies were enforced. The government responded to the crisis by providing financial assistance to businesses and a small number of households that were affected by the coronavirus (COVID-19) outbreak. The monetary authority adopted accommodative monetary policies and offered a targeted N3Strillion loan support to some sectors. These efforts should have prevented the economic crisis from occurring but it didn't. Economic agents could not freely engage in economic activities for fear of contracting the COVID-19 disease that was spreading very fast at the time. The study concludes that the measures taken to contain the spread of COVID-19 have impacted households in Nigeria in many ways such as job loss, loss of remittances, higher prices, rationing of food and other basic goods and disruptions to health care services and education. For the poor who are more vulnerable for several reasons were impacted almost immediately. Nigeria as an economy is sluggishly grappling with weak recovery from the 2014 oil price shock and 2016 economic recession. Government should therefore be drifting towards a virtual economy such as e- learning, e-conference, e-transaction,e-worship etc. this will help to avert the current of situation of person to person contact. Government should through CB review downward it earlier monetary policy stance and the also establish new frontiers in its relationship with its foreign counterparts across the globe.

Keywords

Coronavirus, Government, Economics

Language used: English

Date on which the thesis was submitted / produced: 14. 3. 2022

Thesis defence

• Supervisor: prof. Ing. Mansoor Maitah, Ph.D. Ph.D.

Czech University of Life Sciences Prague

Faculty of Economics and Management

Bachelor programme:
Business Administration