Covid 19 Pandemic and the Socioeconomic Development in Nigeria Evidence from Toda and Yamamoto Procedure

This paper investigates the impact ofCovid 19 pandemic on the socioeconomic development of Nigeria using Modified Toda and Yamamoto causality test for the period spanning 23rd March 23rd July, 2020. The long run causality test outcome indicates that there is a bidirectional causality running from Covid 19 pandemic to exchange rate and from Covid 19 pandemic to crude oil price while unidirectional causality exists running from exchange rate to crude oil price. This suggests that Covid 19 pandemic has impacted on crude oil price and exchange rate. It is recommended that Nigerian government should continue struggling towards achieving economic diversification and also ensure that safety measures given by the NCDC is strictly followed in order to reduce the daily spread of the virus in the country. Zahraddeen Mallam Saleh | Kabiru Saidu Musa "Covid-19 Pandemic and the Socioeconomic Development in Nigeria: Evidence from Toda and Yamamoto Procedure" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-5 , August 2020, URL: https://www.ijtsrd.com/papers/ijtsrd33031.pdf Paper Url :https://www.ijtsrd.com/economics/development-economics/33031/covid19-pandemic-and-the-socioeconomic-development-in-nigeria-evidence-from-toda-and-yamamoto-procedure/zahraddeen-mallam-saleh