Abstract
The outbreak of the Covid-19 pandemic was not only a global health challenge, but had also caused unprecedented economic crisis. The pandemic had evidently disproportionately impacted the oil industry in Nigeria as the negative externalities of the pandemic are searing for Nigeria that is a mono-cultural economy. This paper therefore is a preliminary analysis of the impacts and challenges of the Covid-19 pandemic on the Nigerian oil industry. The study adopted content analysis of extant literature, and argued that the severity of the pandemic on the Nigerian oil industry is massive and hard-hit because the Nigerian economy is not diversified as it relies heavily on the enclave oil and gas industry. We concluded by stressing the need for diversification of the Nigerian economy, which can be achieved if the political leadership invest the rent from sale of oil on industrial manufacturing such as petrochemical and agro-allied industries in order to absorb the long term shock of the Covid-19 pandemic.
Keywords: Oil industry, Nigeria, Covid-19 pandemic, challenge, stakeholders
DOI: 10.36349/sokotojh.2022.v11i01.008
author/ Aghalino, S. O. and Amos, O. O.
journal/Sokoto JH | Vol. 11 | Page 200-216
