6th IGR PLE - BACKGROUND PRESENTATION

Abstract

Since 27th February 2020 when the first case of COVID -19 was reported in Nigeria, governments at both the federal and State level have taken several actions – including a series of lockdown measures which forced businesses and households to give up work, school, trade, and events. According to an April -May 2020 survey conducted by the National Bureau of Statistics, 42% of Nigerians stopped working during the period mainly for reasons related to COVID -19, particularly those in farming or family businesses. The labour -force impact was particularly high in the commerce and service sectors. Unlike the 2008/09 and 2014 -16 crises which were triggered by financial and oil market failures respectively, the 2020 crisis came with a human cost. Governments have responded by expanding the scope of social investment programmes, tax relief, loans, grants and subsidies to mitigate the economic impact on citizens and businesses, including food supply to vulnerable households.