The COVID-19 pandemic will have economic consequences for many countries. In Nigeria, the country’s lockdowns froze economic activities, causing job losses and supply chain disruptions. And its dep...
The COVID-19 pandemic will have economic consequences for many countries. In Nigeria, the country’s lockdowns froze economic activities, causing job losses and supply chain disruptions. And its dependence on oil for revenue and foreign exchange has made it particularly vulnerable to the unprecedented oil price crash triggered by a collapse in demand.
a mass agricultural programme that is expected to bring between 20,000 and 100,000 hectares of new farmland under cultivation in every state,a mass housing programme that is expected to deliver up to 300,000 homes annually,a strengthening of the social safety net. Ministers whose portfolios these fall under will be responsible for supervising implementation of the plans.
Crucial sectors, such as power and education, have not been adequately considered. These are major omissions. Another problem is that some features of the plan are very vague. For example, how exactly will the social safety net be strengthened? Who will be the beneficiaries and how will it work in practice?
A better way to stimulate the Nigerian economy at this time would be to have specific and measurable objectives that can unleash the potential of Nigerians. For example, the government should focus on creating an enabling environment for businesses to thrive. This would include:
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