<p>Developing countries (Nigeria among others) are in severe socioeconomic and political conundrums. These challenges had made the countries to lag behind among the comity of nations. Before the outbreak of COVID-19 in the late 2019 and its pandemic status in early 2020, Nigeria’s socioeconomic and political index such as inflation rate, poverty level, unemployment level, misery ranking, insecurity, communal violence and other forms of insecurity are on the high side. The outbreak of COVID-19 compounded the problems to the extent of raising the levels of poverty, misery and insecurity in the country. The objective of this study is to proffer answers to how developing countries (Nigeria) can mitigate the effects of the ravaging COVID-19 pandemic on the socioeconomic and political landscape of the country. Cognitive interpretive research method is utilised to obtain and analyse data. Secondary data from World Bank are utilised. Poverty cycle is utilised as an intervention amidst COVID-19 pandemic era. Poverty and structural functionalism theory is used to explain the political economy effects of COVID-19 pandemic. The paper finds and concluded that the political economy effect of COVID-19 will linger for a long time in Nigeria because the underlining challenges inherent in the political system before COVID-19 advents had not been resolved. To mitigate this, poverty cycle must be broken as an immediate intervention.</p>