ECONOMIC IMPLICATION OF THE CORONAVIRUS EPIDEMIC ON NIGERIA ECONOMY
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ECONOMIC IMPLICATION OF THE CORONAVIRUS EPIDEMIC ON NIGERIA ECONOMY
Managing the Risk of Coronavirus in Nigeria.
Epidemic risk is complex, but policymakers have tools to use in response. Some measures reduce the occurrence of epidemics or limit their spread. Others try to mitigate the health consequences of outbreaks that cannot be avoided or contained promptly. Others seek to minimise the economic damage.
Investing in improved sanitation, clean water, and urban infrastructure can help to limit human contact with harmful agents. Building solid health services and promoting healthy diet can help to ensure good baseline levels of health, making people less vulnerable to infection.
Of course, economic growth and development make it easier to strengthen basic systems, services, and infrastructure; however, policies that protect spending in these areas even when budgets are tight can help protect developing economies from major health shocks that could have a significant impact on human capital and impede economic growth.
Investing in reliable disease surveillance in both human and animal populations is also necessary. Within formal global surveillance systems, it may be desirable to create incentives for reporting suspected outbreaks
as governments may justifiably be concerned about the impact of such reporting on trade, tourism, and economic results. The Corovirus epidemic, for example, may have been better managed if China had reported the original outbreak to the WHO sooner.
Informal surveillance systems, such as ProMED and HealthMap, which aggregate data from official surveillance reports, media reports, online discussions and summaries, and eyewitness observations, can also assist Nigeria’s Centre for Disease Control (NCDC) and international responders in staying ahead of the epidemiological curve during the early stages of an outbreak. Social media provides extra options for early detection of variations in infectious illness occurrence, such as Coronavirus.
Nigeria and other countries should be prepared to take early steps to curb the spread of coronavirus. Historically, ships were confined in ports during plague outbreaks to prevent the disease from spreading to coastal communities.
Quarantines may nevertheless be necessary in the case of highly virulent and highly transmissible diseases, even if they raise ethical difficulties. Similarly, if supplies are limited, biological countermeasures may have to be rationed.
Countries should decide ahead of time whether to prioritise first responders and other key staff or vulnerable individuals like children and the elderly.
Technological solutions can assist reduce the impact of large coronavirus outbreaks and epidemics. Better and less expensive treatments for coronavirus, including innovative antibiotics and antivirals, are desperately needed. New and improved vaccines may be even more vital.
We can’t tell which disease will cause the next large epidemic after coronavirus, where it will start, or how severe the effects will be. However, as long as people and infectious microorganisms coexist, breakouts and epidemics are unavoidable and will incur huge costs.
The benefit is that we may take preventive measures to reduce the danger of epidemics and their impact. Concerted action at the local, national, and multinational levels can help secure our collective well-being in the future.
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