POST COVID-19 PANDEMIC AND SOCIO-ECONOMIC DEVELOPMENT IN NIGERIA

ABSTRACT

The outbreak of covid-19 pandemic has caused profound consequences on world economy. In order to explore the long term impact of the pandemic on economic growth and the effects of different policy responses. The spread among people all over the world created a widespread stock creating a severe economic slowdown. There has been a slowdown in all economic sectors worldwide and more than one third of global population was placed under lockdown. This study we try to analyses the economic impact of covid-19 on the economic sectors, which include oil industry, financial sector, health care sector, tourism sector. With the help of a detail questionnaire we were able to gather some data that was used to analysis the various responses from people on the post Covid-19 pandemic and socio-economic development in Nigeria. Question was rise on the impact of covid-19 on the socioeconomic development in Nigeria, the effect of lockdown on the 2020 budget in developing the country, the areas the government plays in reducing the spread of the Covid -19 in the socio-economic development of the country. The results from the findings shows if this trend continues, economic inactivity will be prolonged, necessitating increased transfer payments to cushion the effect of the lockdown on the poor. Combining these transfer payments with the cost of managing the covid-19 pandemic will cause the economy to go into recession with attendant consequences. To this end the need for policymakers to make deliberate steps to curtail the pandemic becomes very expedient. No effort should be spared to seeking homegrown treatments in the state. This will help to rule out the likelihood of the activities of external conspirators in fuelling the pandemic. There is the need for policymakers to begin to recognize that health is wealth and thus give the health sector the attention that it deserves through adequate budgetary allocation and monitoring to ensure that adequate facilities and equipment are provided to ensure that the health system is up and doing.