Crime & SecurityEconomyNewsHow COVID-19 Derails Economic Activities in Northeast, Nigeria

The pride of any nation or region is determined by its robust economy. The Northeast region of Nigeria is blessed with entrepreneurs that have contributed immensely to the economic growth of the nation. However, the region found itself in an economic quagmire for more than ten years when the callous terrorist group Boko Haram launched attacks on several communities forcing the residents to flee to safe-haven thereby crippling commercial activities.

As the region is recovering from the economic crunch caused by the activities of the terrorists (Boko Haram) in recent years, another economic crisis has erupted as a result of the outbreak of dreaded disease Coronavirus known as “COVID-19.

The upsurge of COVID-19 across the globe has no doubt affects the economy of Northeast, Nigeria which depends on imports of some consumable and non-consumable items from other states of the Federation.

The economy of the Northeast region is measured by the boost in the local markets, while the sacking of workers by some private companies in the region has contributed to the economic doldrums of the region. Some traders have closed their businesses because most of the traders have spent the little money with them for the upkeep of the family during the lockdown. The situation has placed the traders in a dilemma as the available money with few of them could not buy the required quantity of goods now due to exorbitant prices.

Usman Sani, a trader at the Monday Market Maiduguri, Borno state said the role played by traders in the economic development of the region cannot be overemphasized, but COVID-19 has contributed to the backwardness of the economy.

“No imported goods while the available are inadequate he said

Also, Mohammed Abubakar, a trader in Gombe’s main market of Gombe state said the outbreak of COVID-19 has affected the day to day market businesses, we never witnessed any calamity that affected the commercial activities like COVID-19.

In his reaction, Gamandi Adamu Abbare, Chairman Taraba State Traders Association who is also Sarkin Kasuwa Muri, said actually the outbreak of COVID-19 that resulted in lockdown has crippled commercial activities in this part of the country; it has kicked some traders out of business”.

” The high exchange rate of naira to a dollar also derails the economy of Taraba state as some of the exported goods paid in dollar currency. Only farm products are processed in Taraba state while the rest of the goods imported”.

Also, commenting, Muhammadu Ibrahim-86, National Vice Chairman Gamzaki Traders Association in charge of Northern part of Nigeria and Federal Capital Territory Abuja said inadequate garment, foods, textiles and other consumable factories in the region that can meet the demands of the public and the absence of adequate warehouses to stockpile the imported products remain a challenge to traders.

 “the available goods are getting out of stock which reflects in the increase of prices because manufactures have ceased from production and most of the retailers depend on the goods supplied by companies due to lack of warehouse to stockpile products”. Ibrahim-86 said.

For the economy of the region to bounce back again the government has to empower the traders financially with free interest loans to enable them to buy goods directly from the companies and manufacturers.

The traders should also adhere to all protocols outlined by health experts and government as preventive measures to curtail the spread of the coronavirus with the gradual easing of restrictions of movement.