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Moving Ahead Post Corona Virus Pandemic: Impact and Prospects of COVID-19 on the Nigerian Economy.

Victor is a registered member of Data Science Nigeria and an electrical and electronic student of Obafemi Awolowo University. A mastermind.

In recent times, I look into the sky as the clouds give way and the sun shines brighter, it reminds me of how close we are to the end of the Coronavirus pandemic period, and that a new dawn is about to begin.

The scars we bare from the whip of the Coronavirus pandemic are impossible to hide, not to talk of how much it has taken from us thus far. The economy of this great nation was truly shaken and the impact was felt. Many lives were lost, among them were fathers, mothers, professors, doctors, and even great leaders of this nation. The price of food spiked at a drastic rate with its root cause being food scarcity and lack of logistics. Soon, everything that money could buy tagged along and their prices skyrocketed too. Transportation and logistics have become so expensive following the increase in the fuel pump price as well as the provision to achieve social distancing during transit, where passengers have to pay the cost of two seats. Teachers who do not have an additional source of income suffer financial hardship; many students have also lost months in their academic life. Industries as well were not left out as they retrenched many staffs since they could not keep up with the recession they faced and the continuous downward trend in the economy.

Truly, we can never accurately quantify the damage done to the economy, but we must heal our wounds and press forward. The nation has faced several economic challenges in the past, yet we keep standing tall. Despite the brutal negative impact on the economy, thousands of entrepreneurs emerged and launched new small-scale businesses. The online learning platform was bombarded by youths, and diverse digital-oriented talents were born. Lots of skill acquisition programs took place which forced the self-employment rate to boost by a certain degree, some even developed agricultural skills, and cultivated crops in their homes. People focused on building and developing themselves to be better which is a step to foster economic growth in the nation.

The Coronavirus pandemic showed the nation its flaws and level of economic strength, to move forward as we draw near the post coronavirus pandemic era, Nigeria must be prospective and willing to undo the negative effects of the virus on the economy and guide it safely towards prosperity. For the nation to thrive, there must be visible productivity in all sectors of its economy. This means that the nation should be able to provide adequately for itself. There should be adequate food, transportation and logistics services, sound education, health care facilities, etc. This adequacy can only be possible through productivity. To achieve this, the nation must be far more productive than it was even before the coronavirus pandemic.

The goal in view remains the survival of the economy through productivity after the impact of the coronavirus. This goal however cannot be achievable without the keys of technology and innovation. Nigeria must embrace technology and innovation far more than ever before. As a developing nation, technology is our only escape to a productive economy. Implementing current trends in the field of science and technology prove that more food can be made with ease, transportation would be cheaper, faster, and safer. The health sector would no longer be limited, they would broaden knowledge, gain preparedness to fight any pandemic, and very importantly contribute health solutions to the world at large instead of reliance on other nations when a pandemic occurs. Adaption of trending breakthroughs in technology to the academic sector will foster research than ever before and facilitate learning better. These results would yield an effective and fast-growing economy.

Technology is expensive, it gets better too as it grows alongside new knowledge. This is why innovations in the nation must never be discarded in the quest to achieve economic stability. New ideas and methods should be taken implemented when discovered to be better than the old, rather than being sentimental. Exploration of mineral resources should be encouraged and utilized, It is high time the nation owned its technology rather than its continued reliance on others.

In conclusion, the nation must recognize itself as an independent nation, embrace technology and innovation, yet keeping the Nigerian culture and values intact. These keys will foster economic development as we enter the gates of the post-Coronavirus pandemic era. The late Chadwick Boseman in his movie as the Black-panther featured Wakanda as the greatest city in the world in terms of economic stability, technology, and innovation, yet in Africa. This is a prospect for the Giant of Africa and its economy. We must stand strong, zealous, and independent to move ahead and foster economic stability in this new Era.

Comments

Olufemi Victor (author) from Nigeria on October 14, 2020:

Thanks Aisha.

Aisha Raheem on October 10, 2020:

Great article! Embracing technology is essential to accelerate economic growth.

anonymous on October 09, 2020:

Truly, technology and innovation will make Nigeria a great nation.

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