Economic Crisis Management during the Covid-19 Pandemic: The Role of Entrepreneurship for Improving the Nigerian Mono-Economy

Abstract

Being a mono-economic nation, Nigeria is undergoing a tremendous economic crisis due to the increased impact of recession after the global pandemic appeared. The present scenario of COVID-19 and the prevalent economic crisis in Nigeria demand a crisis response. This study develops a crisis response theory that could help Nigeria sustain itself in the present crisis, which is deepening unemployment, poverty, and misery. Entrepreneurship is viewed as a pivotal engine for reinstating the declining economic state of a country. Thus, surveys are put together in this research from different institutions and entrepreneurial ventures to evaluate the impact of COVID-19. This research suggests possible solutions based on entrepreneurial innovativeness for a better future, as it affects Nigeria vis-à-vis its economic relationship with global economic dynamics. The pandemic has worsened the prevailing economic crisis in Nigeria. Entrepreneurship can help the Nigerian economy grow, but the deep roots of corruption and unreliable government policies make it challenging for entrepreneurs to thrive.

An Overview of Nigerian Macroeconomic and Financial Development

“…The rising oil price has had no positive impact on the Nigerian economy since 2021. The country's oil revenue growth is declining due to subsidies on gasoline, and the oil output rate is badly affected [11,12,14].Over 40% of the Nigerian population in 2018 lived in poverty, and over 20% is badly affected and vulnerable. Researchers forecast that over 7.6 million Nigerian are likely to live in poverty between the years 2019 and 2024 because of the rapid population growth in the country [15,16,17].The Nigerian economy is projected to grow by an average of 3.3% in 2022-2024.…”

“…The rising oil price has had no positive impact on the Nigerian economy since 2021. The country's oil revenue growth is declining due to subsidies on gasoline, and the oil output rate is badly affected [11,12,14].…”