Nigeria has been facing the double burden of a dreaded disease and economic deterioration as a result of the outbreak of COVID-19 pandemic. Looking at the spillover effect of the pandemic on the economy and how it has affected businesses, foreign investors, firms, human lives and economic activities in general, this paper examined the COVID-19 pandemic and its cost implications for Nigeria. The paper is qualitative in nature that relied on secondary sources of data collection from reports of World Health Organization (WHO), Nigeria Centre for Disease Control (NCDC), United Nations Educational, Scientific and Cultural Organization (UNESCO) and the internet. The data gotten were analyzed thematically. The findings indicated that despite all measures that have been embarked on by the Nigerian government, to prevent, control and contain the current pandemic, the country is still bearing a higher cost implication on the economy, a development which craves for a stronger need for evaluating and re-engineering short and long-term strategies to revitalize the Nigerian economy. The paper concluded that COVID-19 pandemic had done more damage than good to the country’s economy and would only take a swift and intelligent government to recuperate fast from the adverse economic cost implications of the COVID-19 pandemic. As a way to go, the country will need to pay very close attention to enforcing the steps to contain the spread of the disease. In addition, a team of experts with proven records of success in their respective fields that are devoid of primordial sentiments will need to be raised to rub minds together to suggest pathways for economic discovery. Keywords: COVID-19, Economy, Nigeria, Pandemic..