Covid-19 - It's After Effects

The world, particularly Nigeria, is in for a long ride to normalcy the moment the Corona Virus Pandemic is over.

The first known patient of Corona virus started experiencing symptoms in Wuhan, China on December 1st, 2019.

Since then, there have been over 800,000 reported cases around the world. The disease became known in Nigeria when a Nigerian came in contact with an Infected Italian in Lagos.

SADLY

The pandemic has greatly affected the economy of the nation not only has it been affected but we are going to suffer a setback in terms of education,agriculture,health sector,economy of businesses of both private and the public and so on will suffer great loss due to the pandemic.

Nigeria has witnessed two recessions in adecade. One in 2009 as a result of financial crisis and another in 2016 as a result of sudden fall in the oil price in the world market.

In 2020, the COVID-19 pandemic affected the global market in two ways.

Firstly, the spread of the virus encouraged social distancing which led to the slowing down of financial markets,corporate offices,businesses and events. Secondly, the rate at which the virus was spreading and the heightened uncertainty about how bad the situation would get, led to "flight to safety" in consumption of investment among consumera and investors.

The travel restriction imposed on the movement of people in many countries led to massive loss of businesses in the Event Industry, Aviation Industry, Entertainment Industry, Health Industries, and so on.

Some developed countries such as the U.S and U.K. responded by offering fiscal stimulus packages including social welfare payments to citizens while the monetary authorities offered loan relief to help businesses during the pandemic.

Restriction of the flights were enacted in and out of some states and the nation(Nigeria).

The Education sector, private and public schools and universities were closed. What is the hope for the Nigerian student?

The Banking sectors are also closed, senior staffs work from home, very few bank staff are available at the bank for depositors.

Most importantly, Markets are being put on lock and key. Some states under total lockdown are being given dates for restocking.

Religious sectors(gatherings) are also banned during the pandemic and religious leaders who disobey these directives, face the wrath of the law.

Sporting activities are not left out as the NFF and FIFA have joined in the hault of sporting activities across the Nation and the world.

MEANWHILE

If u look at it, alot of factors worsened the economic crisis in Nigeria, one of them are the few social welfare programs.

Before the disease outbreak, there were major problems in Nigeria which includes child abandonment, armed robbery, homelessness, kidnappings, mental health problems, single parenting, teenage pregnancy, etc.

These social problems can only be addressed with serious social welfare policy and program. But currently social welfare policy and program in Nigeria is underdeveloped, poorly funded and is unavailable to majority of those who need them.

Nigeria does not have a well developed national social welfare program that offers assistance to all individuals and families in need, such as health care assistance, education assistance, unemploynent, disaster relief, and so on.

The consequences of not having a good social welfare program because evident during the corona virus outbreak of 2020.

Secondly, Underdeveloped Digital Economy is another factor.

Before the outbreak, Nigeria already had a weak and underdeveloped digital economy.

There were hardly any university or school that offered a full education curriculum online from state to finish.

Most businesses including banks and technological companies operated the come-to-the-office-and-work model as opposed to the work from-home.

The operations of these markets and industries would have been minimallly affected if they had a large operation infrastructure.

Thirdly, the public health sector is another factory.

Nigeria has a poor infrastructure such a poor emergency services, few ambulances service, ineffective national health systems.

Cases where Nigerian citizens travel out for services like ear infection treatment, child bearing shouldn't be heard of.

This pandemic should enlighten and mould us into equipping our health sectors.

FINALLY

The scope and severity of the economic crisis is a clear signal that growth and development reforms are needed in Nigeria.

In retrospect, the Nigerian government was wise to use fiscal and monetary stimulus package as a partial solution to revive falling aggregate demands during the outbreak.

Let us learn to accommodate our health facilities as a country and develop our health facilities.

This will better Nigeria!