The Gross DomesticProduct (GDP) in Nigeria was worth 410 billion US dollars in 2019, according to official data from the World Bank. Before the arrival of coronavirus pandemic, Nigeria is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 22nd-largest in terms of purchasing power parity.
However, in the first quarter of 2020, economic scenario has drastically deteriorated amid the twin shocks of firstly, global oil price crash and later succumbed by Coronavirus pandemic. The virus restrictions measure embraced all over the world to curb the new disease which was imposed in the country’s major economic power centres such as Lagos and Abuja amplify the economic condition of the West African nation, as the services sector reels from the severe pullback in consumption.
In mid-March 2020, the Nigerian Apex bank announced about NGN 3.5 trillion (around USD 9.7 billion) to the lower chamber of the legislature and approved as a stimulus bill later that month to help households and businesses cope with the fallout. The government is also set to secure funding worth USD 9.6 billion from multilateral lenders.
Meanwhile, the Central Bank of Nigeria (CBN) unanimously decided to retain its monetary policy rate unchanged, as well as all other monetary policy parameters bucking the global trend of monetary easing amid the coronavirus fallout.
Post Covid- 19 era government intervention plans
Nigerian President Muhammadu Buhari is set to implement a mass agricultural program, to complement the economic team that has been examining the impact of the plague on the country’s economy, according to a communiqué from the Nigerian presidency on Thursday.
The report further discloses that, the president had set up an economic sustainability committee headed by the Vice President, Yemi Osinbajo as part of the measure to define post-COVID-19 economy for the country.
Government to focus on agricultural sustainability
The collapse in crude prices may hinder domestic production, battering foreign exchange and fiscal revenues and adding pressure to the country’s international reserves and the currency in turn.
To improve foreign exchange earnings in Nigeria the President Buhari plans a mass agricultural programme to be put in place.
Promotion of indigenous health contents and research to improve the sector
The health indicators for Nigeria are among the worst in the world. Nigeria has five hospital beds per 10,000 population. Statistics reveal that health institutions rendering health care in Nigeria are 33,303 general hospitals, 20,278 primary health centres and posts, and 59 teaching hospitals and federal medical centres.
The Nigerian health sector is facing a major human resources for health crisis with mal-distribution of the available workforce, and the increasing “brain drain” resulting in shortage of critically needed health professionals, according to the WHO.
In an effort to develop the Nigerian health care system. The government is making more emphasis on the sector by integrating local content in proven researches in the cure, and production of materials in the health sector.
Also, the plans afoot to tackle weak health systems and infrastructure through the establishment of standard laboratories, Extant financial controls, A Fiscal Sustainability Plan to complement the suite of monetary and banking interventions are part of what the Federal Government will tackle.
Increase infrastructural development
As infrastructure is basic essential services that should be put in place to enable development to take place. Undermining health sector is undermining the growth and development of Nigerian citizenry.
To bridge infrastructural gaps the Federal government of Nigeria had included Construction of Major rural road, Mass housing programme, Expansion of the Social Investment Programme, installation of residential solar systems, utilizing mainly local materials to the plans.
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