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A press release from the Federal Ministry of Health has confirmed the first case of coronavirus (COVID-19) in Lagos State, Nigeria. This is also the first reported case in the country and in Sub-Saharan Africa.

According to the press release, the Italian citizen works in Nigeria and just returned from Milan to Lagos on the 25th of February. Milan has been the center of one of the most significant breakouts of the virus in Europe. The unnamed worker has been confirmed by the Virology laboratory of the Lagos State University Teaching Hospital and is reported to be stable “with no serious symptoms” according to the press release.

Nairametrics is yet to determine the airline that was used to transport the Italian.

See the tweet from the Federal Ministry of Health, Nigeria.

Global Spread: Coronavirus has spread from China to Asia, Europe, the US, South America and now Sub-saharan Africa taking the disease closer to a global pandemic. The disease has ripped through markets as investors flee to safety. Global stock markets fell while oil prices fell below Nigeria’s benchmark of $57.

Stock markets across the world fell on Thursday and into Friday morning as investors worried about the economic impact of the spread of the coronavirus. A Bloomberg report suggests this could be the worst week for the stock market since the 2008 crisis. Global shares are on course for the worst week since the 2008 crisis. The Nigerian Stock Market lost N26 billion slipping 0.22%.

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A cure is yet to be found for the coronavirus. The disease leads to pneumonia and often kills its victims, especially if they have low immunity. A vaccine is yet to be developed and we understand it takes as much as 18 months to develop.

Over 80,000 people have been infected in China with almost 2,800 deaths recorded. About 3,700 cases have been reported with 57 deaths in about 46 countries outside China.

What investors should do now: A global pandemic if not handle carefully could balloon into a major economic crisis with cities locked down to contain further spread. In such cases, shops may be closed and necessary materials such as groceries, toiletries may become difficult to acquire.

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In dire situations like this, it is critical to stock houses of adequate food supplies and any other important item required to stay comfortable.

In terms of investments investment in stock markets could be considered risky as that is typically the first market that gets hit. Reports of a stock market fall across the world buttresses this view already.

Thus, investments in liquid assets such as government securities may be a wise move according to Nairametrics Research. It is also important to hold a sizeable amount of cash either in an ATM or on hand if things get worse. Travel restrictions are also advised to reduce the risk of a major spread.

See press release below;
Download Press release

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