Nigeria，a country heavily dependent on oil industry，was severely hit by a twin-shock of COVID-19 pandemic and plunging global oil price in 2020. This has made the economic recovery after the 2016 crisis even more challenging，while the economic diversification，which was designed to get rid of its mono-economy，was also tremendously destabilized. Both oil and non-oil industries were in full recession，and consequently，inflation，systematic crisis of financial system，as well as remittance decrease have led the society to a more fragile status. A new wave of social movement signaled by the End SARS protests was lit up due to the deteriorating poverty and higher unemployment rate. However，Nigeria has taken several bold reforms in 2020 to ensure that economic diversification would be a solid long-term goal for this country.