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COVID-19

Businesses that may not survive COVID-19

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Nigerian Based market research organisation, SBM Intelligence published a list of industries that will be positively and negatively impacted by the Covid-19 pandemic. This is part of the risk-based firm’s series of discussions on the impact of Covid-19 on the Nigerian Economy.

In a published report seen by Financial Angle, the company takes a look at Nigeria in the age of the coronavirus. The pandemic which broke out in Wuhan China in December 2019 has killed over a hundred thousand people across the world, with over three million people infected as well as about a million recoveries.

With its attendant devastating effects, it has impacted the global oil economy which makes up 7% of Nigeria’s GDP, and with the recent price war between Saudi Arabia and Russia, it has sent shocks to the Nigerian economy as oil sold below the $30 mark. held a Seminar during the week on the theme.

In a look at how the various sectors of the economy will fare, the report noted that bakery, beverages, chemicals, healthcare products, pharmaceuticals, telecommunications sectors face low exposure, compared with restaurant, clothing and textile, education, electricity, agriculture, real estate, hospitality as well as tobacco sectors that it classifies as medium risk.

Automobile, banking and finance, entertainment, leisure oil, and gas as well as trading and transportation were identified as high exposure and are more likely to experience disruption compared with the other sectors.

How the industries were chosen

According to SBM intelligence, between Thursday, 16 April 2020 and Sunday, 19 April, it conducted a series of phone interviews with practitioners in various industries to ascertain how their industries were faring as a result of the lockdown in federal government imposed lockdown in Abuja, Lagos State, and Ogun State; as well as the state government lockdown in various other states. Their questions sought to determine the direction the respondents felt their industries would go after the pandemic was over.

 

A chart of the risks to various industries is presented below:

 

Nigerian Industries Exposure to Covid-19

What this means: As the Nigerian economy continues to reel from the impact of the economic lockdowns, businesses across the country are jostling to limit their financial and business exposures. Most organisations have rolled out their business continuity plans designed to ensure that their business operations are not severely impacted. Nevertheless, there will still be winners and losers with varying degrees of exposures to the pandemic.

For businesses considered highly exposed they will have to review their business model and deploy painful reorganizations if they are to remain in business post-COVID-19. Those on medium risk exposures will also have to adapt their models to reduce the impact while those on low-risk exposure need to consolidate on their operations and also taking full advantage of the opportunities being offered.

COVID-19

Why we didn’t distribute looted COVID-19 palliatives- Osun

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The Osun Food and Relief Committee on COVID-19 on Friday said the looted items at a warehouse in Ede town were not hoarded, but rather kept for flag-off of official distribution.

Alhaji Bayo Jimoh, Secretary to the committee, in a statement in Osogbo, said that the looted items were donated to the committee as palliatives to the people by Private Sector Coalition Against COVID-19 (CACOVID).

The News Agency of Nigeria (NAN) reports that some angry youths in the early hours of Friday broke into a warehouse in Ede town and carted away COVID-19 palliatives meant for distribution.

Items such as beans, noodles, sugar, salt, garri, rice, pastas, vegetable oil, among others, were looted from the warehouse located within the moribund Cocoa Industry, Ede.

The incident, however, happened barely 24-hours after the state government announced the suspension of dusk-till-dawn curfew imposed following the #EndSARS protest.

NAN reports that Gov. Adegboyega Oyetola had in April inaugurated a 21-member Food and Relief Committee to cushion the effect of COVID-19 on the people of the state.

Jimoh, however, said that the looted food items had no direct bearing with the state government, adding that the items were within the purview of the Food and Relief Committee.

He said as such, the items could only be distributed after a formal flag-off by the CACOVID Office, Abuja.

The statement read partly, ” We do not have the authority to distribute the food items without approval from Abuja.

” Besides, the Committee is still expecting the rice component of the donated items, which is 40, 230 bags of 5kg.

“All these are part of the reasons the items were still in the warehouse up till the time of the invasion.

“The following items were donated; Pasta FMN – 29, 992; Pasta OLAM -10, 282; Noodles- 80, 644; Garri -40, 322; Salt- 40, 320; and Sugar – 40, 227.

“However, the rice components of the donated items are yet to be delivered until now.

The Committee wrote to CACOVID as recently as Sept. 28, 2020, reminding it of the rice component, which is yet to be delivered.

“However, until this moment, we are yet to receive response from CACOVID.

“This is the truth about the status of the donated relief items until the unfortunate looting,” Jimoh said.

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COVID-19

ECOWAS donates food items worth $4million to Nigeria, 3 others

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The Economic Community of West African States (ECOWAS) has donated food items worth $4 million to four member states, including Nigeria, to mitigate impacts of their humanitarian needs.

Ms Fatima Jagne, ECOWAS Commissioner for Gender and Social Affairs, made this known during the commemoration of the 2020 World Humanitarian Day on Wednesday in Abuja,

Jagne, who was represented by Mr Alozie Godfrey from the directorate, said the intervention was aimed at reducing the pains and sufferings of those in humanitarian needs.

She said the need for humanitarian services were on the increase worldwide but the challenges of delivering them were also increasing in a world that is conflict and disaster saturated.

Jagne said this, however, called for support of efforts by states and other actors to prevent crisis and build resilience of the population against natural disasters.

“The ECOWAS commission will continue its collaboration with member states and partners to promote the protection of humanitarian workers through policy implementation, sensitisation and advocacy.

“The commission will also continue to respond to the plights of the affected population through the donation of food and non-food items to reduce the sufferings of the vulnerable population.

“In this regard, the commission is handing over food worth over four million US Dollars to four member countries including Nigeria to assuage the effects of the COVID-19 pandemic,” Jange said.

Jagne said that this year, COVID-19 had been the biggest challenge to humanitarian operations around the world.

She added that the lack of access and restrictions placed by governments around the world had resulted in communities, civil society and local NGOs being the frontline of the response.

This situation, she said, emphasised the reason for localisation of resources to enhance the first responder initiative.

She said that unfortunately, the ECOWAS region was seriously impacted by both crises and the COVID – 19 pandemic.

Jagne said the theme for this year’s celebration, #RealLifeHeroes, focused on what motivated humanitarians to continue to save and protect lives regardless of conflict, insecurity, lack of access, and risks linked to COVID-19.

“This year’s campaign affords us the opportunity to appreciate the inspiring and selfless assistance carried out by humanitarians who risk and dedicate their lives in crisis and peace times treating and preventing COVID-19.

“Administering vaccines, providing food, setting up safe spaces for women and girls, and containing locust invasions despite the pandemic.

“We all must join hands in supporting our #RealLifeHeroes this World Humanitarian Day and going forward.

“As humanitarian workers deliver aid, and medical workers help the injured and sick, often times, they are directly targeted and prevented from bringing relief and care to those in distress,” Jagne said.

Jagne said that given the recklessness exhibited in modern warfare, civilians more often than not, became targets of most conflicts.

She, however, called for the moral and legal obligation of all parties to a conflict to abide by the rules of International Humanitarian Law as provided by Geneva Conventions of 1949 and the Additional Protocols.

“Preventive and proactive peacetime measures aimed at ensuring better respect for International Humanitarian Law must be encouraged.

“These actions will help create the enabling environment for aid workers to work,” she said.

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COVID-19

UPDATE: Lagos to reopen worship centres, restaurants on August 7, 14

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Lagos state government has announced that all religious centres and restaurants are to resume operations from August 7th and 14th, 2020 respectively.

While religious centres are expected to operate at 50% capacity, the restaurant are expected to operate eat-in services.

Governor Babajide Sanwo-Olu, said “While we try to ensure that life gradually returns to normal, we implore residents to continue to use face masks in public spaces and adhere strictly to all the public health safety measures and guidelines.

“At this point, I have to emphasize how important and necessary it is for us to self-regulate. Everyone of us must take up the mantle of responsibility and ensure that we are self-regulating ourselves in our interest and in the interest of our loved ones.”

 

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