Finance

Possible Effects Of COVID-19 On Nigerian Economy

This piece is to reawaken your conscience to the fact that Coronavirus, COVID-19 would possibly have a high rate of negative effects on the economy of many countries around the world, Nigeria inclusive.

Starting from the Nigerian budget which its source of finance is 60% dependent on crude oil but unfortunately, the price of crude oil has fallen so poorly in the world market as a result of this pandemic.

Though, what matters most at this crucial time is how to conquer the pandemic which is ravaging the world, however, it is not a bad idea to prepare for the possible effects rather than to be caught unaware.

According to the International Monetary Fund, IMF, It is very likely that the world economy goes into recession thereby bringing about depression.

COVID-19

Come to think of it, even when the Federal Government claims that the country is out of recession, things are very hard for many Nigerians, let alone seeing the economy go into another phase of recession.

No gainsaying the fact that Now is the best time to equip yourself well in preparation for the days after COVID-19.

The government won’t tell you how bad it’s going to be until they begin to owe worker’s salaries which would in turn affect so many other activities and sectors.

Therefore, anything you can practically do now to prepare yourself for the possible effects of this pandemic is not selfishness but it would be in your best interest.

Covid-19

Possible Effects Of COVID-19 On Nigerian Economy

  1. Recession and depression
  2. Inflation
  3. Owing of salaries
  4. Poverty and hunger
  5. A high rate of crimes and criminalities
  6. Loss of job/Unemployment
  7. Suicide
  8. Indebtedness
  9. A high rate of divorce
  10. Sickness and untimely death.
Possible Effects Of Covid-19 On Nigerian Economy 1

You will agree with me that none of the aforementioned points is good to behold or experience at all, so to avoid falling prey of any of the possible effects of COVID-19, you are advised to

  1. Think of other source/sources of income
  2. Cut your coat according to your materials.
  3. Learn new skills that can sustain you both online and offline.
  4. Don’t borrow to impress anyone.
  5. Think outside the box.
  6. Lend people money you can overlook if they fail to pay back.
  7. Watch your appetite for unnecessary luxuries
  8. Compare your Earning to your Spending
  9. Beware of wonder banks.

You might wonder why I didn’t include prayer as one of the things you should do, God is committed to blessing your efforts no matter how little, so as much as you believe in the efficacy of prayers, it is also important to play your role.

So, what if the economy does not fall into recession after the pandemic, any skill you learn is not going into the waste bin, it would still be to your advantage, so prepare your mind and rewire it to think about a solution.

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