Also it is pertinent that the private sector stop the habit of sacking its employee during this time, for instead of indulging in productive ideas to maximize production they think removing some of their employees is the only solution. But in time like this it hampers the progress of the nation.
Finally, the Nigerian government, their action is very delicate to the economy of Nigeria. If the global economic trend has to be totally eradicated then the bulk of action is in their hands.
First and foremost the government should facilitate production of most goods and services in the country this enables the availability of goods and services at cheaper rate and prevents the nation from importing inflation (i.e. importing goods and services that have been inflated from countries that are experiencing inflation).
Another strategy that is worth adapting is putting less concentration on petroleum and promoting the export of other commodities that we are blessed with such as cocoa, rubber, timber etc. Because of the incessant fluctuations in oil prices which promotes the degree of harshness of the meltdown on the economy.
Lastly and most importantly, is the need for the government to enforce total control over the market at a time like this. Doing this will reduce the increase in prices of goods and services by the private sector. Suitable prices for certain goods and services should be fixed and not allow the market determine price level.
Surely, if these measures are being adapted, God by our side the global economic trend will be history and who knows Nigeria might become the first to proffer solutions to this global pandemic. The solution is in our hands.