As will be expected from an incisive analysis of any major economy in the world today, let me begin with an initial background of the Nigerian economy before COVID-19. Prior to the start of the pandemic in 2019, our economy was making steady progress out of the difficulties from the global oil price vagaries of the previous years.
Indeed, our Gross Domestic Product (GDP) growth rate for 2019 stood at 2.3 percent, on the back of a relatively strong fourth quarter GDP of 2.55 percent that year. This growth was accompanied by significant foreign capital inflows due to improved fundamentals of the economy. Containing the Impact of COVID-19 on our Economy 5.