Economic Crisis Management during the Covid-19 Pandemic: The Role of Entrepreneurship for Improving the Nigerian Mono-Economy

Abstract Being a mono-economic nation, Nigeria is undergoing a tremendous economic crisis due to the increased impact of recession after the global pandemic appeared. The present scenario of COVID-19 and the prevalent economic crisis in Nigeria demand a crisis response. This study develops a crisis response theory that could help Nigeria sustain itself in the present crisis, which is deepening unemployment, poverty, and misery. Entrepreneurship is viewed as a pivotal engine for reinstating the declining economic state of a country. Thus, surveys are put together in this research from different institutions and entrepreneurial ventures to evaluate the impact of COVID-19. This research suggests possible solutions based on entrepreneurial innovativeness for a better future, as it affects Nigeria vis-à-vis its economic relationship with global economic dynamics. The pandemic has worsened the prevailing economic crisis in Nigeria. Entrepreneurship can help the Nigerian economy grow, but the deep roots of corruption and unreliable government policies make it challenging for entrepreneurs to thrive.