Lessons for Macroeconomic Policy from Nigeria Amid the COVID-19 Pandemic

Cover image: A man exchanges Nigeria’s currency, Naira, for US dollars in Lagos, Nigeria. Image: Getty, Pius Utomi Ekpei/AFP
Cover image: A man exchanges Nigeria’s currency, Naira, for US dollars in Lagos, Nigeria. Image: Getty, Pius Utomi Ekpei/AFP

The COVID-19 pandemic has had severe impacts on Nigeria’s macroeconomy and the livelihoods of households.

Summary:

  • The COVID-19 pandemic has had severe impacts on the macroeconomy and the livelihoods of households globally. For Nigeria which saw its first case in February 2020, the economic contraction was severe and sustained leading to a recession in the third quarter of 2020.
  • Consequently, the Nigerian government has increased its spending plans – to counteract the effect of the pandemic on the income and spending of households and firms – which has been delivered through cash transfers, tax rebates, loans, loan guarantees among other mediums.
  • Discussions around the efficacy of the macroeconomic policy responses deployed have begun to gain traction as a fiscal year has elapsed since the pandemic started and the policies were put in place.
  • This research and policy brief examines the macroeconomic landscape and policy interventions in Nigeria with the objective of developing lessons not only for Nigeria but for other developing economies.
  • The aim is that lessons from Nigeria can guide economic policy makers in developing countries to create a sustained economic recovery.
22 Jul 2021
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Research by
Series
COVID-19 MACROECONOMIC POLICY RESPONSES IN AFRICA 05
Country
Nigeria
SAIIA Programme
Economic Diplomacy
Tags
COVID-19, macroeconomic
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