Apr 27, 2020
This is episode one of season one of our Looking Beyond Covid-19
podcast series. In this episode Dr Nicky Okoye talked about
understanding of the new world that is being shaped by the
coronavirus pandemic from an African economy stand point, with a
particular reference to Nigeria.
He advised that shutting down the African economy is a risky strategy because the African economy is fragile compared to that of the developed countries around the world, he further explained that it can take some African countries up to a decade to revive their economy after this pandemic. Dr. Nicky Okoye gave a hint that formal economy might shrink by 30% to 40%, and there will be reduction in gross domestic product (GDP).
Managing the Covid-19: Nicky Okoye advised governments to include professionals in other sectors in the committee managing Covid-19 in Nigeria, he further explained that Covid-19 is not only a health crises, it is also an economic crises, educational crises, investment crises, and food crises. He also talked about the challenges the oil sector is facing as a result of this pandemic.
In conclusion, Dr Nicky Okoye outlined some Industries that will struggle, as well as the industries that will thrive after this pandemic. The industries to watch include
technology industry, financial industry, agriculture and food industry, and medical industry.