Fresh COVID-19 lockdown could cost economy billions of naira (Business AM Live)

Business AM Live (Nigeria) published an article that stated the resurgence in coronavirus infections in Europe and the US has resulted in new versions of lockdowns. This represents a major setback to growth, and it signals the stalling of the recovery of the world’s economy on the back of the global pandemic that could see the Nigerian economy, businesses, and individuals lose billions of naira, just as it did in the first wave. IFPRI estimates that during the earlier lockdown periods, which stretched from March to May only witnessing full-fledged easing in August, Nigeria’s gross domestic product (GDP) suffered a 34.1 percent loss due to COVID-19, amounting to $16.4 billion (See IFPRI working paper, Estimating the economic costs of COVID-19 in Nigeria). The federal health minister, Osagie Ehanire, and Lagos State health commissioner, Akin Abayomi, have warned that new lockdowns in Nigeria may be imposed if a high recurrence in coronavirus cases occurs.