GOV. UDOM EMMANUEL: PREPARING FOR A NEW SOCIO-ECONOMIC ORDER

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One of the major socio-economic consequences of the ravaging COVID-19 pandemic is the drastic drop in the price of crude oil in the global market...

One of the major socio-economic consequences of the ravaging COVID-19 pandemic is the drastic drop in the price of crude oil in the global market. For a mono-product national economy such as Nigeria’s, these dwindling fortunes of crude oil become much more devastating to budgets of states. With the fast falling price of petroleum, currently at less than US$20/barrel, the 2020 budget, premised on US$53 per barrel, is not implementable.

While a new world order is emerging with new behavioral standards, new lexicon and new economic realities, the big question is how will governments cope with the mangling effects of prolonged lockdown, economic mode dive and the emerging health hazards on the domestic and global economies. It will require proactive and creative thinking as well as decision making.

 

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