The COVID-19 pandemic has been described as the worst crisis humanity has faced since World War II and it has triggered long-term transformation of the World Economic Order in ways that are yet to be fully measured.
As of April 2020, the pandemic has impacted 196 Countries and Territories across the world. Almost all Countries constituting the top 50 World Economies including Nigeria have been adversely impacted; financial markets are contracting, and commodities prices especially crude oil prices have dropped by over 60% from their December 2019 rates. The combined global demand and supply shocks triggered by the lockdown of many Countries due to social distancing is largely responsible for this widespread collapse.
Probability of corporate debt defaults is high especially in the West; The World is in an effective global recession and unemployment will increase as companies worldwide take decisive measures to cut costs to stay viable.
The US alone reports 22 million people filing for unemployment benefits in March 2020. According to US forecasts, the unemployment rate is likely to be 20% to 30% until Q3, 2020 at the least.