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Many countries across the planet are facing unprecedented challenges as a result of COVID-19 infections. Nigeria, Africa's most populous country is no exception. The government has implemented a range of measures to curb the spread of the pandemic, including closure of international airports, shutting down of institutions, markets/stores etc. On March 29th, an initial four-week state-wide lockdown was declared in three major states, Lagos, Abuja and Ogun, halting all essential activities. Following this Executive Order, state governments throughout the country took stringent measures such as restrictions on inter-state travel, instituting curfews, etc. Against this backdrop, the paper reviewed the socio-economic effects of COVID-19 lockdown in Nigeria and its implications on the micro and macro economy. The study adopted the systems theory. Due to safety protocols established by health experts on the COVID-19 pandemic, data for the study were drawn from participant observation, media commentaries and authentic secondary sources. The content analytical technique was used to review the literature on the subject matter. The study reported that the halt in business activities in the country has rendered many penniless and unable to provide for themselves the basic amenities needed for the duration of the lockdown. The study concluded that Federal Government of Nigeria should waive payments on personal and corporate income tax for the second quarter and third quarter of 2020, considering that the shock has affected the income and profits of households and businesses.