THE POLITICAL ECONOMY OF CORONAVIRUS DISEASE IN NIGERIA

A CRITICAL REFLECTION

Abstract

The intensity and spread of COVID-19 have resulted in a staggering global fatality. The effect of the pandemic is no less critical in Africa dotted with neo-colonial, pseudo-capitalist states and dependent economies. It is against this backdrop that this article examines the political economy of COVID-19 in Nigeria. It argues that the political economy of the pandemic in Nigeria has engendered shocks within the economy underlined by a 13.2 percent inflation rate, a revised budget of N10.81 trillion, and projected unemployment rise to 33.6 percent before the end of the year, 2020. By means of a qualitative approach underpinned by a liberal political economy explanatory framework, the article reveals the socio-economic realities of the pandemic. It underlines the government’s effort to ameliorate the effect of the pandemic through policies that address the hardship while simultaneously strengthening the economy. The article then suggests the prioritization of governance towards public plights by means of fiscal and monetary policy targets to mitigate the adverse socio-economic effects of the pandemic.