May 14, 2020

COVID-19: Risk-Control Measures Threaten To Deepen Nigeria’s Education Crisis

The past few weeks have ushered in a range of government-sanctioned and structure-shifting risk-control directives across Nigeria and the Globe, in an attempt to curtail the spread of the novel coronavirus disease- COVID-19. From international airport closures, to a nationwide closure of all schools, and now, a two-week lockdown of three major states – Lagos, Abuja and Ogun, the ramifications from the slowdown/shutdown of economic activity are poised to be severe for Nigeria. It is especially critical, because in the backdrop of COVID-19, the global economic crisis and the recent slump in oil prices are further expected to intensify the impending economic crises, and create sharp shocks that will reshape the economy in the near term. 

For some sectors, the immediate ramifications are evident. One of such sector is the basic education sector, the impact of which has been largely felt by students. The nationwide school closures have disrupted learning and access to vital school-provided services for a record number of students in Nigeria. According to UNESCO, almost 40 million learners have been affected by the nationwide school closures in Nigeria, of which over 91 percent are primary and secondary school learners. In a short time, COVID-19 has disrupted the landscape of learning in Nigeria by limiting how students can access learning across the country.

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Nigeria Economic Update (Issue 39)

The monthly monetary survey by the CBN shows a decline in money supply for the month of August 2017, relative to July 2017. Narrow and broad money supply dropped by 4.2% and 1.5% to N9,891 billion and N21,851 billion respectively. The continuous monetary contraction witnessed over the past months may be associated with aggressive sale of treasury bills by the CBN through open market operations. This act is capable of mopping up liquidity in the economy, reduce loanable funds in the banking system, and constrain the easing of lending rates in the near term.