Nigeria’s economy was still recovering from the 2016 recession when the COVID-19 pandemic emerged in early 2020. The collapse of global oil prices in 2014–16, combined with lower domestic oil production put the brakes on economic activity. Although Nigeria’s oil sector accounts for less than 10 percent of gross domestic product (GDP), it is a key source of export

earnings and government revenues. In some ways, the 2020 situation resembles the scenario after the oil shock in 2015‒16.