A Medical Doctor with the Federal Medical Center, FMC, in Makurdi, Benue State, Ifegbike Kalu, has revealed the effect Coronavirus has on the economy of the country.
According to Kalu, the outbreak of COVID-19 would affect business transactions and lead to an increase in inflation, not just in Nigeria but the world at large.
He said the travel ban that has been imposed on various countries of the world makes it difficult for people to effectively carry out their businesses.
According to Kalu: “It’s actually affecting the global economy and that of Nigeria too because things can only grow when people are allowed to transact business across borders but if you have to close your border, it means you can’t export and import and your total revenue will drop.
“At this point, the most you can do is internal trading and transactions; by and large, less goods are going to come into the country especially those that have to do with drugs, consumables and all that.
“Prices of goods will rise because most goods won’t be imported any more and this will lead to inflation which is not a good thing for our economy now. By and large, it’s going to affect the economy much more due to those indices.”
Recall that the Nigerian government place a travel ban on about 13 countries as parts of efforts to curb the spread of the disease.