Understanding the impact of the COVID-19 outbreak on the Nigerian economy

With 1.39 million coronavirus cases and 79,382 deaths globally, the world continues to battle the COVID-19 pandemic. Even before the outbreak, the outlook for the world economyand especially developing countries like Nigeriawas fragile, as global GDP growth was estimated to be only 2.5 percent in 2020. While many developing countries have recorded relatively fewer casesNigeria currently has 238 confirmed casesand 5 deaths as of this writingthe weak capacity of health care systems in these countries is likely to exacerbate the pandemic and its impact on their economies.