Description
Abstract
This research work looks at the analysis of Covid-19 pandemic and impact on the economy in Nigeria. The study focused on assessing the effect of COVID-19 on the Nigerian economy. The study adopted both descriptive and inferential survey which obtained secondary data on reported cases of COVID-19 in Nigeria as well as inflation rate, crude oil price and exchange rate from the period of December 2019– December 2020. The study data were analyzed using simple line charts and regression models. The result of the study reported that only about 4.8% of the changes in the inflation rate were caused by the COVID-19 pandemic in Nigeria. it was also added that the COVID-19 pandemic effect can account for 16.6% of all the changes in the exchange rate of dollar to naira value during the pandemic period while crude oil for the period received no significant effect from the pandemic of COVID-19 in Nigeria. Findings from the study analysis have shown that the COVID-19 pandemic has insignificantly caused an increment in basic macroeconomic variables such as inflation and exchange rate in Nigeria. It also indicated no notable change in the price of crude oil in the country. The number of infected cases of COVID-19 has therefore had significant correlations with economic activity from the perspective of a descriptive analysis.
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