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EFFECT OF COVID-19 ON THE NIGERIAN OIL AND GAS INDUSTRY AND IMPACT ON THE ECONOMY
Abstract
This paper x-rayed the emergence of coronavirus (COVID-19) disease and its impact on the current price of oil and gas products in the international market. This COVID-19 pandemic had revealed many weaknesses in the world’s major global economies, and its attendant effect is conspicuously visible and cut across several institutions and industries: from the financial institutions to health, agriculture, tourism and hospitality, electricity, oil and gas. The core objectives and motivations for the study were to examine the impact of the covid-19 outbreak on the Nigerian oil and gas sector and its implications, and analyse the effects and implications of covid-19 and the resulting oil price decline on Nigeria’s trade flow. The findings from the study revealed that crude oil prices had reduced to record low of $22 per barrel and this obviously has revenue impacting effects on the Nigeria economic system. Also, there is reviews of the prices of the premium motor spirit (PMS) or fuel downwards to cushion the rampaging impact of the pandemic on individual and business activities. Although the governmemt has come up with emergency policies to reduce the impact of the disease on the economy. However, the study recommends policies that are going concern in nature and a well-thought out stimulus package, which is not selective in its applications, could ensure that the Industry is able to bounce back much quicker than expected. Diversification priorities to alternative sectors such as agriculture, solid minerals, manufacturing and services sectors should be further intensified and also, the full deregulation of the downstream oil and gas sector.
Keywords: Corona Virus Disease (Covid-19), lockdowns, oil price, oil and gas industry, Economy, pandemic, Central Bank of Nigeria.