COVID-19 PANDEMIC IN NIGERIA: THE EMERGING ECONOMIC AND SOCIAL IMPACTS
Abstract
The paper focused on COVID-19 pandemic in Nigeria and the likely emerging economic and social impact. The paper adopted a methodological literature review approach. It drew from real time data observations, those documented in the country as well as on the global space to and established facts gathered from journals, internet and other secondary sources. From the data analysis, the study found that the health policy measures undertaken to contain the pandemic from spreading such as the lockdown measure and social distancing protocols brought about some manifest economic and social impacts. It was discovered that there was unexpected social-economic uncertainty which caused changes in consumers’ preferences in the allocation of income to consumption expenditure and savings. Aggregate demand components of the country were affected which caused demand for essential goods and services to rise while the non-essential to drop sharply. On the supply side, the economy dwindled as global, national and local supply chain of goods and services were drastically disrupted reduced resulting into short supply causing restocking to be impeded resulting into scarcity and general rise in prices . The social impact are categorized into pro and cons. The pros include reduction in traffic grid lock in the cities; environmental pollution and health related diseases; increased spend time with family member and neighbours among working class and business owners; and increased attention to hobbies. The cons are disruption to existing social relations among several segments of society, widening disparity in health among persons, increased social tensions, stress, domestic violence, suicide cases, gender inequity, crime rate, poverty level ,weakening of citizens’ societal resilience, disregard to citizens’ consultation and promotion of government arbitrariness. This paper provided insights and recommendations to overcome the negative economic and social impacts.
