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COVID-19 Pandemic and Economic Crisis: The Nigerian Experience and Structural Causes

SSRN, ISSN: 1556-5068
2020
  • 14
    Citations
  • 13,264
    Usage
  • 278
    Captures
  • 1
    Mentions
  • 0
    Social Media
Metric Options:   Counts1 Year3 Year

Metrics Details

  • Citations
    14
    • Citation Indexes
      13
    • Policy Citations
      1
      • Policy Citation
        1
  • Usage
    13,264
    • Abstract Views
      10,915
    • Downloads
      2,349
  • Captures
    278
  • Mentions
    1
    • News Mentions
      1
      • News
        1
  • Ratings
    • Download Rank
      12,642

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ABSTRACT Purpose - The aim of this research is to develop a sustainable model for local hospitality businesses in Chiang Mai to mitigate risk during

Article Description

This paper analyses the COVID-19 situation in Nigeria, its effect on the economy and the structural causes that worsen the coronavirus (COVID-19) crisis. The findings reveal that the economic downturn in Nigeria was triggered by a combination of declining oil price and spillovers from the COVID-19 outbreak, which not only led to a fall in the demand for oil products but also stopped economic activities from taking place when social distancing policies were enforced. 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. The monetary authority adopted accommodative monetary policies and offered a targeted 3.5trillion loan support to some sectors. These efforts should have prevented the economic crisis from occurring but it didn’t. Economic agents could not freely engage in economic activities for fear of contracting the Covid-19 disease that was spreading very fast at the time.

Bibliographic Details

Peterson K. Ozili

Elsevier BV

Multidisciplinary; Nigeria; COVID-19; Coronavirus; SARS-CoV-2; outbreak; pandemic; financial crisis; global recession; public health; spillovers; monetary policy; fiscal policy; liquidity provision; central bank

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