There is no doubt that the effects of coronavirus on the world Economies is absolutely beyond what one adjectives can describe without mentioning words like: destruction, lost, unemployment, economic meltdown, poverty, starvation, drop in standard of living and such other words that associated with this ravaging pandemic.
Again, we invite our ever ready Content Developer, Sani Michael Omakoji to xtray in his own independent views the aftermath of Covid-19 on the world Economies with particular reference to Nigerian Economy.
In what he titles, “Effects Of Coronavirus On The World’s Economies With Particular Reference To Nigerian Economy” he has this to offer:
“The Economies of the world irrespective of continents or level of acclaimed development are today overwhelmed by the ravaging dreaded coronavirus also known as Covid-19.
It is christened as covid-19 because first hand information gathered that the first case of the virus was detected in the Hubei Province of China, Wuhan at the end of “December 2019”.
According to CNN, as of May 28 2020, the outbreak of the coronavirus disease (COVID-19) had been confirmed in around 210 countries.
The virus is said to have infected 5,617,172 people worldwide, and the number of deaths had totaled 348,532.
Looking at the league of chart, the most severely affected twenty countries include: the U.S., Brazil, Russia, Spain, the United Kingdom, Italy, France, Germany, Turkey, India, Iran, Peru, Canada and China: Others are: Saudi Arabia, Chile, Mexico, Pakistan, Belgium, and Quatar.
While the twenty least affected countries are: Lesotho, Anguilla, St. Barth, Caribbean Netherlands, Papua New Guinea, British New Islands, Western Sahara, MS Zaandam and Sychelles. Others are: Suriname, Montserrat, Vatican City, Greenland, Turks and Caicos, Falkland Islands, Saint Kitts and Nevis, Dominica, St. Vincent Grenadines and Saint Lucia.
A figurative analysis of the overall data shows that there is no continent of the world that is not affected by covid-19 except ‘Antarctica continent’ which Geographers described as the “coldest continent of the world that is completely covered with ice ( it is not affected because, there are no permanent inhabitants, except of scientists maintaining research Stations in Antarctica).
Available data shows that with the outbreak of this pandemic, almost 81% workforce around the world lost their jobs due to total lockdown intended to curtail the spread.
Social activities such as sports, birthday/wedding parties, holidays, cultural activities and all forms of social gatherings that normally take place at Hotels and Museums came to a stand still.
Apart from ban that affected religious gatherings, there is also total clamp down of economic activities that brought about drop in: transportation business, educational programs, and such other aspects of the world’s Economies.
What is even more baffling is the fact that the so-called developed Nations of the world are obviously overwhelmed by the pandemic as the total number of the confirmed cases and number of deaths being recorded on daily basis by these Nations are mind blowing and unbelievable reality.
Amid of all these happening in the world Economies, one expects that online trading such as: Forex Trading, Digital Marketing, and Multi Level Marketing will serve as an alternative means of earning income but reverse is the case as billion of dollars are being lost in these form of businesses.
For example, at a point, those in Forex trading will tell you that almost all the known strategies that are about 95% sure in Forex trading became misleading as ‘bullish engulfing strategy takes the position of bearish engulfing strategy just like perfect hammer strategy takes the position of imperfect hammer strategy; so what we also call spinning top strategy became so confusing and inapplicable due to the volatility and unimaginable erratic nature of the Market.
Though, this is not a ‘term paper’ as we talk in academic environment, that we have to discuss the conceptual framework of the subject matter, nevertheless, because of the purpose of this article in commentary format, our attention is to be narrowed down to how Covid-19 is affecting Nigerian Economy.
Nigeria as the most populated black Nation with an estimated population of about 200 million people located in sub sahara Africa is not speared by the pandemic as the cases as at 28th May, 2020 have risen to over 8,000 with over 200 deaths and about 2,000 patients discharged.
Despite the fact that many people in Nigeria have regarded the news updates of covid-19 as fake, Nigerian Centres For Diseases Control ( NCDC ) has projected that Nigeria is at the risk of doubling the above figures before June 30th if the pandemic continues with the ongoing momentum.
What makes the case of Nigeria different is the fact that the country’s health sector is in comatose as some of the medical tools needed to serve as controlling measures are grossly inadequate or not available at all.
For example, Ventilators which supposed to be available in most cottage hospitals can only be found in few so-called big hospitals in Nigeria.
That is why in most isolation centres in Nigeria, you see beautiful beds and edifice but lack ventilators and other medical apparatuses needed for the management of Covid-19 patients.
This no doubt further exposed the sorry state of Nigerian health system and subsequently contributed to the escalating cases of covid-19 we have in Nigeria today.
Like we have witnessed governments of many regimes in Nigeria from 1960 with ‘copy and paste policy’, the government of the day with a view to curtail the spread of covid-19 went on to enforce “total lockdown” as is done in other climes.
Dishearteningly, the lockdown is being enforced without adequate palliative to keep bodies and souls together.
From the information obtainable around the world, Government makes palliative like food and money available for their citizens to enable them cushion the effect of hardship and obey stay at home order from the authority.
But in Nigeria, palliative are more populous on media than in real life situation as many vulnerable didn’t get palliative that billion of Naira is expended on.
Again, investigation shows that one of the major challenges encountered by the Ministry of Humanitarian and Disaster Management is lack of accurate data to show who is who in Nigeria.
As a result, this led the Ministry to use “TraderMoni” data which many described as grossly inadequate that cannot represent 5% population of Nigerians.
This is not far from the truth as many who became vulnerable during the pandemic are not captured in the said data.
For examples, Artisans, Bricklayers, Babers, Salonists, Food vendors Just to mention a few and some other staff of the companies like Access Bank, Airlines and many NGOs’ staff who abruptly lost their jobs and became vulnerable within a space of time are not captured in the palliative data.
Now, how do you expect to enforce total lockdown on these set of people without revolt from them?
Without denying the fact, hunger, starvation, poverty, high rate of unemployment, low standard of living, and dehumanization have become order of the day as a result of this pandemic in Nigeria.
The resultant effects are: high rate of insecurity as many see arm robbery, prostitution, hooligalism, and all forms of anti societal ills as an alternatives.
Though, I have given solutions on what Nigeria needs to do in order to get back on track in my earlier article: The Implications Of The Plunge Price Of Crude Oil On Nigerian Economy Amid Covid-19 notwithstanding, for the purpose of this article, Nigeria should urgently pay attention to my recommendations below:
1. Effort must be urgently made to rescue Nigerian health sector from comatose state in order to at least get 20% ready for this kind of future occurrence.
2. National Identity Management System ( NIMS ), with other sister agencies like National Population Commission (NPC) and National Bureau of Statistics ( NBS ) in conjunction with Central Bank Of Nigeria ( CBN ) and all Telecommunication providers should be able to provide accurate data of Nigerians. This can be made possible by linking NIMS to BVN, Voters’ Card, International Passport, and Individual phone numbers. This will give Nigeria error free data. If all the mentioned agencies and commissions cannot do this for Nigeria, of what value are they in existence?
3. There should be urgent unbundling ( restructuring ) of Nigerian system in such that states must not depend on monthly allocation from the federal government at the centre to be able to pay its own bill: in this sense, states will not be waiting for Federal Government in time of emergency such as this to carter for its own citizens.
4. On a lighter note, I understand that anytime Nigeria goes broke, late Sani Abacha sends her Money which many call “Abacha Looted Saving Scheme”. What a great love for Nigeria he has/had. However, such money should be properly managed by a Private firm to give loans and grants to small and medium businesses at this critical time that many of these businesses are down due to the aftermaths of Covid-19.
5. Nigeria should embark on holistic indigenization policy in order to develop local contents that would eventually replace importation of foreign goods. This policy yielded tremendous economic growth under late Gaddafi of Libya before he was gruesomely murdered by ‘African Enemies’. Of course, the policy can help Nigeria should we have global lockdown in future again. Less I may forget, I understand there is a committee now to revitalize Ajaokuta Steel Complex; this is a welcoming development but let me also say that this is not the first time we are having such pronouncement without result as our problem in this part of the world is inability to implement our beautiful blueprints to the later.
Finally, there are quicker recovery plans that can bring Nigerian Economy back on track in less than 60 days but this can only be implemented by the author of this article and as such he should be contacted to help Nigeria free of charge as a patriotic Nigerian”.
Sani Michael Omakoji
Content Developer,
City Centre, Abuja – Nigeria
Email: omakogibizventures@gmail.com
Twitter: @Omakogi1
