Effect of COVID-19 outbreak on socioeconomic development in Nigeria

Abstract

This study examined the issue of COVID-19 in Nigeria and its effect on the socioeconomic and the likely causes that worsen the crisis of coronavirus (COVID-19). The findings show that the socioeconomic downturn in this country was triggered by a combination of an increase in the price of basic needs and spillovers from the COVID-19 outbreak, which led to the total lockdown in Nigeria and other parts of the World. Demand for basic needs continues particularly food and there is a halt in its production and other agricultural produces. This pandemic stopped economic activities from taking place because social distancing policies were fully enforced by the government at various levels. The government responded to the crisis by providing financial assistance to businesses and a small number of households that were affected by the coronavirus (COVID-19) outbreak.

Keywords: Coronavirus, epidemic, pandemic, socioeconomic development.