The devastating impact of COVID-19, also known as the corona virus, on the world’s economy is without doubt.

The sporadic spread of the virus, across international borders prompted – rightly so – the ban on international and in many cases domestic air travel. Asides the evident strain on the health care and pharmaceutical supply chain industries we have seen, almost immediately, a devastating free fall in the revenue stream of airlines and stake holders in the aviation and travel and tourism industry.

The knock-on effect of this and other measures (stay at home orders etc.) to manage the pandemic is likely to cripple most sectors of the economy, particularly small and medium scale enterprises.

In Nigeria the export of crude oil represents the country’s main source of revenue. The sharp drop in the demand for oil products – resulting from the pandemic and coupled with the recent crude oil pricing crisis – has led to a terrifying decline in Nigeria’s export revenue. Therefore, the immediate introduction and implementation of appropriate fiscal policy buffers are crucial.

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