A Rethink of the Impact of Covid-19 on the External Sector of the Nigerian Economy

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Analysis reveals the pandemic's effect on the current account of Nigeria's economy, highlighting trade balance challenges.

The pandemic led to a significant decline in export demand, worsening Nigeria's current account balance.
A simulation shows that exchange rate depreciation may increase exports but ultimately worsens the trade balance.
Descriptive and econometric analyses indicated a drastic fall in crude oil prices impacted multiple components of the external sector.
An optimal mix of policies, including import substitution, is suggested to stabilize Nigeria's macroeconomic environment.

Lawrence O. Akinboyo (2025) studied this question.

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