Historically, Nigerian economy since inception is squarely diversified. Thus, the discovery of oil in 1960's in a commercial quantity disconnected our attentions from other sectors, motivated many into political positions with primary aim of sapping the national cake, the situation further breed corruption, laziness, killed innovative and critical thinking and led to abandonment of many promising sectors. Such as; agriculture, entertainment, mining, tourism, manufacturing, sport etc. Because dollars are constantly flowing as if there will be no rainy day.

To echo the scenario, the pandemic and destructive effect of the virus has continued crippling and jeopardizing the economies of industrially- advanced countries to the point of shutting down manufacturing plants, businesses, offices, banning of importation, exportation and worship centers. However, the interdependencies and interconnections among nations through trade, geographical borders and diplomatic relationship make it necessary for emerging countries to taste the menace of the virus. Moreover, the world is in panic as a result of the rapid and drastic dwindling of the economy and excessive fading of the population which may affect economic growth, labour supply, balance of payment equilibrium, income distribution, employment and the general welfare of the people internationally.

Moving into the scope of discuss, Nigeria is a primary exporting nation which depends largely on a single commodity (Black diamond) as the main driver of the country’s economy to the extreme that, our faith is wholly tied to oil-dollar .This is because even the annual budget is projected based on the oil price. To cut the narration short, the running costs, capital projects and sectoral allocations depend on the prevailing market price. Meanwhile, any shock will adversely affect the entire economy. Consequently, the current trend has put the economy in serious shaver due to persistent crashing and unfriendly nature of the oil market. Therefore, oil price is shrinking day- by-day and the situation

keeps exposing the economy into dilemma which may result to disequilibrium in the balance of payment (BOP), exponential increase in poverty rate, death investments, exaggerated unemployment, sluggish production and inequality in income distribution due to the sensitive nature of the variable.

Conclusively, the writer is an optimist in all ramifications. Therefore, prescribed the following antidotes that may serve as a sine qua non and pre- condition for growth, if at all we have the will. These include; revitalizing and reinvigorating some key Sectors (agriculture and manufacturing), reduce over dependency on oil, heavy investments in both social and financial infrastructures, reasonable and affordable monetary measures, judicious allocations through fiscal instruments, conducive atmosphere for businesses to thrive, human capital investment to support innovative thinking and efficiency of labours, protective devices via tariff and non- tariff measures to stimulate local industries ,well-articulated leadership pipeline, consistent monitoring, evaluation and supervision of policies and projects to check insiders abuse and to top the list, supplications and prayers. These may help in building a robustic economy.

Written by; Sabi'u Garba (Economist in the making)