Effects of Covid-19 on the Economy of An Oil Dependent Nigeria

Abstract

The Coronavirus (COVID - 19) has created anxiety and fear, it has hit the global economy, and has amplified volatility in several international and domestic financial markets. It is a deadly virus that forced the world into a near total lock down and it has claimed millions of lives round the world. The oil price reaction to COVID -19 was stable and accommodating up until March 22^nd, 2020 after the release of the first coronavirus monitoring report by the World Health Organization (WHO). Not long after Saudi Arabia floods the market with oil, as a result, international prices drop with more than 20% in one single day. Against this background, the purpose of this paper is to investigate the impact of COVID - 19 figures on crude oil prices. The pandemic has negatively influenced on education, economy, religious worship, sporting activities, social gatherings, banking activities, and others. The state governments, military, NGO, federal government, individuals, and religious bodies provided and donated palliatives to cushion the effects of the pandemic on the populace.

Keywords: Covid-19, Financial Volatility, Coronavirus, Oil Price, Global Economy, World Health Organization

DOI: 10.7176/JETP/11-1-02

Publication date: January 31^st 2021