Due to the escalating global economic impact of the pandemic, many economies around the globe have witnessed reduced economic activities
The coronavirus disease (COVID-19), which originated in China, has spread to several countries and territories. Many economies around the globe have witnessed reduced economic activities in the first quarter of the year.
Industrial facilities have been shut down in some affected countries, and the global supply chain has been disrupted. Brent crude prices have fallen below $22 per barrel – the lowest since 2003 – due to the escalating global economic impact of the COVID-19 pandemic and the price war between Saudi Arabia and Russia.
Nigeria, the most populous country in Africa, is awakening to a new economic and social reality as a result of the COVID-19 crisis. The country of over 192 million people, recorded its first case on February 28, 2020. Since then, it has recorded about 4,151 cases and 128 COVID-19 related deaths.
While the virus infects people regardless of wealth and social status, the poor will be most affected. In 2019, Nigeria surpassed India in terms of the number of people living in abject poverty. With a recession looming as a result of the pandemic, that number will only grow if proper measures are not enacted.
Living in typically high-density houses, with reduced access to sanitation, and a lack of savings to facilitate self-isolation, Nigeria’s poor are at greater risk of contracting the disease. More so, due to the high cost of health care, greater economic fragility, and higher mortality rates, we are bound to see many more Nigerians fall below the poverty line before this is over
About two months ago, the Lagos State government banned the use of tricycles and bikes. The immediate and most significant impact was the sudden rise in unemployment. The ban affected about 14,000 bike-hailing employees and about 50,000 tricycles and informal motorcycle riders.1 A further strain on incomes resulting from the COVID-19 pandemic will devastate workers.