COVID‐19 has caused economic hardship globally. Several economies are making efforts to cushion these negative effects. Following the lockdown and downward trend of global oil prices, the Nigerian economy has been hard hit. This paper sheds light on policy actors' views vis‐à‐vis what should be the economic policy response of the Nigerian government to cushion the effects of COVID‐19 and ensure quick economic recovery. A multistage random sampling method was used to select and interview 635 policy actors drawn from academia/research institutes, civil society organizations, development partners, international NGOs, national NGOs, the private sector, and the public sector. The study adopted a participatory development approach. Descriptive and deductive analysis methods were used. The results support direct cash transfers to households, and small and medium scale enterprises (SMEs) as the policy option that would have huge impact in mitigating the economic effects of COVID‐19 in Nigeria. The second most recommended policy option is the eradication of corruption among government officials. The paper recommends that pragmatic actions towards eradicating corrupt practices among government officials should be an integral part of any economic recovery policy in Nigeria and other emerging economies.