COVID-19: Repositioning Nigeria’s Economy for the Now and the Tomorrow

Abstract

The failure of past and present administrations to diversify Nigeria’s economy evident in the dependence on oil exploration and export is one among the factors responsible for the economic challenges affecting the country. The economic situation of Nigeria has since worsened at the instance of the outbreak of the coronavirus and its attendant ramifications on international trade; manifest in the fall price of crude oil, low foreign and domestic investments, heightened level of unemployment and poverty etc. Interestingly, the agricultural and information communication technology (ICT) sectors have since the outbreak of the coronavirus pandemic proven to be among the thriving sectors in Nigeria despite the seeming neglect of the sectors by the government. This paper examines the extent to which the potentials in the agricultural and information communication technology (ICT) sectors may be utilized to drive sustainable development in Nigeria, at the instance of the Coronavirus pandemic. The study adopts qualitative data method. Purposively selected respondents with expertise on the subject were interviewed. They include economists, agricultural-economists, farmers, software consultants and developers, personnel of Lagos Chamber of Commerce and Industry and Nigerian National Petroleum Corporation (NNPC). Further, the study adopted comparative advantage and structuralism theory as a means of advancing the exigency of diversifying Nigeria’s economy. The study concludes that for Nigeria’s economy to thrive due to the covid-19 pandemic, there is an urgent need to harness the potentials inherent in the agricultural and information communication technology (ICT) sectors of the country; as this will drive sustainable development.