COVID-19 PANDEMIC AND MACROECONOMIC STABILITY IN NIGERIA: AN OVERVIEW
Aminu Muhammad Fagge, AbdulNasir Turawa Yola, Aminu Hassan Jakada , Abdullahi Daiyabu Marmara and Murtala Abdu
Volume 2 Issue 2
Abstract
The manifestation of Covid-19 pandemic has resulted in the destabilization of so many macroeconomic variables across the globe and Nigeria has been one of the most affected countries globally. This study therefore analysed the impact of Covid-19 pandemic on macroeconomic stability in Nigeria. This study employed a Chi-Square approach which entails systematic evaluation of individual’s behaviour towards an unprecedented economic shock and their response to the manner in which the situation might unfolds by lifting the lockdown measure in Nigeria. The results indicated that most economic challenges including unemployment/job loss, increase social vices, rise in poverty level, fall in economic activities, as well as fall in the level of GDP faced by individuals was not a resultant of the Covid-19 pandemic in Nigeria. Consequently, authority’s inefficiency was also challenged in spite of their efforts to mitigate and control the emerging economic consequences faced by households during the Covid-19 periods. The study recommends that government should employ the best drive immediate economic recovery approach that’s more locally oriented or globally oriented to stablise the macroeconomic variables that were affected by the Covid-19 pandemic. These include providing direct capital injections through investment, loans and grants. Increase activity through public-private partnership structures and attracting foreign direct investment (FDI) and steaming the loss of outgoing FDI. Keywords: COVID-19, Pandemic, Macroeconomic Stability and Nigeria
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