Covid-19 Outbreak and the Nigerian Economy: Impact, Response, and Recovery Strategies

The outbreak of the coronavirus popularly known as COVID - 19, has no doubt, shut down economies globally. In response to curbing the spread of the novel virus, governments all over the world instigated strict restrictions on travels and businesses, as well as placing certain bans on social gatherings. The more dire reality is, these various restrictions, grounded both industrial and social activities. Consequently, this impacted socio- economic activities in Nigeria negatively. This paper seeks to identify some of the major impacts of the novel virus on the social and economic lives of citizens across the country. Through available data, the paper tried to determine some of the societal impacts of resulting responses such as workers layoffs, changes in salary structure, as well as the raising of virtual work model. The paper further highlighted important recovery strategies that will provide the required framework towards ameliorating the socio-economic impact of the COVID-19 on the Nigerian society through fiscal and monetary perspectives. Keywords: COVID-19, Impact, Response, Socio-economic development, Nigeria