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Business News

Italian worker brings Coronavirus into Lagos, Nigeria

According to the press release, the Italian citizen works in Nigeria and just returned from Milan to Lagos on the 25th of February.

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The global economic effects of coronavirus

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%.

READ ALSO: LIRS under investigation after dumping taxpayers’ data online 

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.

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.

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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.

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See press release below;
Download Press release

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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Coronavirus

Update: Health Minister states side effects of COVID-19 vaccines

Dr. Osagie Ehanire has disclosed the side effect of the COVID-19 vaccines.

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Nigeria to vaccinate 20 million people against Covid-19. Chinese Engineering firm donates medical supplies to Nigeria

Minister of Health, Dr. Osagie Ehanire has stated the side effects of the COVID-19 vaccines, which he said is mild.

The minister disclosed this during the live broadcast when President Muhammadu Buhari took his vaccine shot on Saturday.

According to the Minister, the reactions are usually mild and only few people had complained of mild pain in the part of the body they got the shot.

He said, “It is not everybody that complained of reactions/side effects but few had complained of mild pain at the part of the body they got the shot.

”Usually manufacturing vaccines take not less than 4 years but this only took about 1 year, which is the reason some people are apprehensive about the vaccines. This was manufactured in the United Kingdom and has been certified.”

Ehanire, explained that the jab is painless as a narrow gauge syringe was used with a small quantity injected in the upper arm.

He added that the after-effects are mild but accompanied by little discomfort in the area that was injected.

Present at the brief ceremony were the Secretary to the Government of the Federation (SGF) Mr Boss Mustapha; Minister of Information and Culture, Alhaji Lai Mohammed; the Chief of Staff to the President, Professor Ibrahim Gambari and other members of the Presidential Task Force (PTF) on COVID-19, senior government officials and journalists.

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Coronavirus

Update: President Buhari, VP Osinbajo get COVID-19 vaccine shots

President Buhari and VP Osinbajo have been vaccinated against COVID-19 on Saturday at the State House, Abuja.

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President Muhammadu Buhari and Vice President Yemi Osinbajo have been vaccinated against COVID-19 on Saturday at the State House, Abuja.

President Buhari and VP, who received his COVID-19 vaccine shot on Live TV broadcast, urged Nigerians to emulate him and do the same to curb the pandemic in the most populous black nation.

 

Both were administered their jabs, on Saturday morning, at the Banquet Hall of the presidential villa, Abuja at a ceremony broadcast live on national television.

Their inoculation followed their e-registration and filling out of their vaccination cards by the Executive Director of the National Primary Health Care Development Agency (NPHCDA), Faisal Shuaib.

Vaccination of Buhari was done by Chief Personal Physician to the President, Dr Suhayb Rafindadi.

Osinbajo was also vaccinated by his personal physician, Dr Nicholas Audifferen.

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