Evans Osabuohien who is a professor of Economics in one of the Nigeria’s top universities has stated that coronavirus will cause alot of economic problems alongside unemployment.
The professor who has a sole interest in International and Institutional Economics, mentioned this while speaking in an event.
Professor Osabuohien lecturer in the Department of Economics and Development Studies, Covenant University, Ota, Ogun State, disclosed impact of the recent drop in the price of oil and coronavirus pandemic on Nigeria’s economy.
The global outbreak of covid-19 pandemic has caused alot of adverse changes in different sectors, including the economy, since it was first reported in China. When asked his view about the recent condition of the economy and how it has affected Nigeria. He stated the above:
Broadly speaking, most of our products are from China; it is one of our trade partners. So, if China has a challenge, of course, it will trickle down. In fact, I have a brother-in-law who was expecting some goods from China. But the goods couldn’t come. He is looking for a way to manage his debt. So, the impact is here with us. The manufacturing sector of the economy that depends on imports from China for its input, like machines, will feel the impact more than other sectors. Some of them may likely increase the cost of their services. For instance, the prices of paper for printing have increased. So, such companies may not be able to meet up with their supply orders and that will also affect their business.
Meanwhile, President Muhammadu Buhari has stated how the pandemic has affected the country’s and how it will affect the Nigeria budget..