There is global anxiety on what the future holds for humanity Post-COVID-19, particularly in respect of the economy, Health, security, and general wellbeing. Naturally, Nigerians are not immune from the disquietude, as they belong to the global community.
The ‘Great Lockdown’ of the global economy is taking its toll, and this is the time for deliberating on economic recovery. Charitable individuals and corporations are donating to multilateral agencies and governments. These agencies and governments are supporting individuals and businesses whose operations have been severely affected (severed) by the coronavirus pandemic in various ways.
The International Monetary Fund (IMF) projects the combined annual gross domestic product (GDP) of the global economy will reduce by 3% in 2020, compared that to last year’s GDP. The impact would be much worse than the ‘Great Recession’ of 2008.
IMF predicted that in full-year 2021, GDP growth for Nigeria would rebound to 2.4 per cent following Economic recovery can only be successful when the country’s GDP surpasses the 2014 peak. Since the COVID-19 has added to the country’s economic problems. These are truly unprecedented times, especially for Nigeria, and the forecast of the situation is very freighting.
With the loss of oil revenue, Nigeria a major oil exporter, happens to be at the receiving end with the loss of oil proceeds that helps fund policy promises. The pandemic is changing the behavior of the global economy. Like every economy, we will have to adapt to the new normal until there is a medication or vaccine for the coronavirus infection.