This chapter addressed Coronavirus disease 2019 (COVID-19) impact on tertiary institutions in Nigeria, its effect on the economy, and possible coping strategies in a time of global pandemic and national disaster. COVID-19 was reported as a pandemic by the World Health Organization (WHO) on March 11, 2020, discovered in Wuhan, China, in December 2019, spread to several nations, forcing the closure of tertiary institutions all over the world. The effect has also disrupted the school academic calendar at tertiary institutions, decreased international education, Suspension of local and international conferences, etc. And the economy, leading to job losses, revenue loss in the informal sector, business closure, agricultural production and food insecurity, a sharp drop in oil revenues, and economic uncertainties. Which, thus, harms the economy. This chapter makes recommendations to assist Nigeria's government and the educational institutions in coping with the effect of the outbreak and similar pandemics soon.