Proceedings of The International Virtual Conference on Social Sciences
Coronavirus Facts and Control: What Multiplier Effects for Nigeria Economy
Olure-Bank, Adeyinka, Fadila, Kabir Usman, Bodam, Fatima, Dansofo Adama Tijani, David Adeyemi Adetunji
The study examines the current rampage coronavirus global pandemic to understand the facts, the figures, the issues surrounding it, the preventive mechanisms, the controls, and its abuses, the viewpoints of the World Health Organisation on those issues, and the economic implication for Nigeria. The situation analysis study (SAS) was adopted via critical analysis design. Data were analyzed through qualitative (theoretical) review of literature on the subject matter. Results indicate that the lockdown responses to the outbreak of the disease have multiplier effects for Nigeria’s economy that may lead to ugly consequences like fall in aggregate demand and corresponding unemployment if not recession (if not depression). It suggests that a more integrated response of several sectors, health, finance, and trade sectors are required to address structural issues that make the country less resilient to shocks and limit its range of policy responses.
Keywords: outbreak; pandemic; global recession; monetary policy; fiscal policy.