May 4, 2020

The impact of COVID-19 on the global economy is severe and the near-term economic outlook appears gloomy. According to the International Monetary Fund (IMF), the pandemic will inflict a deep economic recession on the world economy. For Nigeria, the threat of economic recession is worsened by the pre-existing fragility of the nation’s economy and the sharp decline in crude oil prices with a resultant downward revision in the 2020 Budget. These factors combined will lead to further adverse impact on the economy, businesses and households.

As Nigeria’s foremost economic think tank promoting the sustainable growth and development of the Nigerian economy, the Nigerian Economic Summit Group ( has continued to generate and share policy-oriented research and analyses on the impact of the COVID-19 crisis on the different sectors of the economy, businesses and households. This is done with a view to proffering strategic recommendations to policymakers and development partners on effective policies and strategies for recovery from the shocks and disruptions of the pandemic.