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These Nigerian businesses are being affected by COVID-19

The outbreak of coronavirus, which has now spread to more than 100 locations worldwide, has continued to cause fear and uncertainty.



These Nigerian businesses are being affected by COVID-19, coronavirus, COVID-19: What businesses must do to mitigate crisis

The outbreak of the respiratory disease caused by a novel coronavirus (covid-19) that was first detected in China but has now spread to more than 100 locations worldwide has continued to cause fear and uncertainty.

The virus, which is named “SARS-Cov-2” and the disease it causes, has been named “Coronavirus disease 2019” (abbreviated “COVID-19”) transmits easily from person to person, and interpersonal contact needs not to be very long before transmission becomes possible. In fact, the virus may be transmissible even before an infected person develops symptoms.

COVID-19: How the tables turned on Europe

The COVID-19 disease was characterized as a pandemic by the World Health Organization (WHO) on March 11, 2020, according to the Centers for Disease Control and Prevention (CDC).

A pandemic is a global outbreak of a disease. Pandemics happen when a new virus emerges to infect and spread between people sustainably. Because there is little to no pre-existing immunity against the new virus, it spreads worldwide.

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[READ MORE: Coronavirus: Travel agencies count loses, ticket sales drop by 50%)

The world is an interconnected global village and Nigeria is not immune to the adverse effects that may occur through this virus, even if the country hasn’t really been hit by the disease.

Presently, oil price is in the $30 region due partly due to slump in demand (coronavirus and the Saudi Arabia and Russia debacle), and analysts have been predicting how much of an effect this would have on Nigeria’s revenue and budget implementation.

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On March 14, an article titled “Coronavirus: Travel agency count losses, ticket sales drop by 50%” explained how this virus had affected the sale of tickets and reservations in international routes, causing a 50% drop in travel agencies sale of ticket and reservations for international trips.

While the above-listed businesses and markets are seriously affected, other local businesses are feeling the brunt and may continue to do so if the disease spread isn’t curtailed. Below are some local businesses that are being affected by COVID-19.

Sports Betting Companies

Sporting events are one of the most common types of events being cancelled or portioned across Asia, Europe and America.

The major leagues such as the English Premier League, Spanish La Liga and the Italian Serie A, just to name a few, have been suspended football till further notice. The American NBA is also a victim.

These Nigerian businesses are being affected by Coronavirus

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UEFA also announced last week that all Champions League and Europa League matches scheduled for last week had been suspended

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This suspension will have serious effects on the income of Nigerian sport betting companies which put up matches on their platforms for bettors and punters to stake and win or lose money. It is estimated that these companies gross hundreds of millions of Naira every weekend from bettors staking on thousands of games.

Jobless street hustlers and corporates, who see the betting industry as an avenue to earn some side income, will also be affected as there are fewer games to stake money on in these COVID times.

[READ ALSO: CBN considers interest rate cut as trade, economy decline over Coronavirus

Music Business

Nigerian artistes, who are billed to perform internationally, may witness a drop in earnings, as governments worldwide are imposing a “stay at home” policy to citizens to suppress the spread of the virus.

One of the most high profile events postponed this week has been the Coachella Valley Music and Arts Festival in Indio, California.

Organizers moved the April 10-12 and April 17-19 dates to October 9-11 and 16-18 on hopes that the virus crisis developing in the United States would subside in the next six months.

In 2019, Coachella featured two Nigerian acts – Burma boy and Mr Eazi. This time, only one Nigerian artiste will be performing – Seun Kuti & Egypt 80 Band.

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These Nigerian businesses are being affected by Coronavirus

In 2017, the New Yorker reported that Kendrick Lamar, Radiohead, and Lady Gaga received between $3-4million for headliners, compared to some of the lesser-known acts who made less than $10,000.


One wonders what Seun Kuti would stand to lose if the show is cancelled. Let’s hope for a positive outcome.

Davido recently announced on Twitter that his North America tour would be cancelled due to the spread of the virus.

These Nigerian businesses are being affected by Coronavirus

[READ FURTHER: Coronavirus: YouTube now allows content creators to monetize deadly disease)


Ali Express, the global e-commerce platform of Chinese online shopping giant Alibaba, warned customers earlier in the month that there might be some delivery delays due to the Coronavirus outbreak.

Nigerians, who purchase items from the site and resell to customers here, may also be affected. Some of the items that are usually purchased on Ali Express and resold include phone accessories (wireless headphones, chargers) and fashion items.

Article was written by Segun Olarinmoye

1 Comment

1 Comment

  1. Richard Okoh

    March 16, 2020 at 10:55 pm

    Well Written Sir, this is very informative… I think the world needs to put aside its differences and fight this COVID-19 pandemic together..

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House of Reps to make Youths globally competitive

House of Representatives is determined to make the Youths globally competitive.



Closing of Nigerian-owned shops in Ghana must be dealt with decisively - Femi Gbajabiamila, Lagos State needs N1 trillion for reconstruction - Femi Gbajabiamila
Lawmakers in the House of Representatives have assured Nigerian youths that they are committed to make them globally competitive.
This was disclosed by the Speaker of Nigeria’s House of Representatives, Femi Gbajabiamila, on Wednesday.
 In a tweet, which the speaker shared after a meeting with a group of young lawmakers under the aegis of ‘Young Parliamentarians Forum‘, he  reiterated that some of the demands of the youths following the #EndSARS protests would be addressed constitutionally, as part of the decision was to reform the Police, in a quest to accommodate a better Police Force.
On youth empowerment, the Speaker said that a lot still needs to be done, while pointing out that no government had done more than what the present administration has done.
What they are saying
He said, “All of us, every segment of the government, especially the House of Representatives, before the protests took the initiative, debated motions and took far-reaching decisions on the floor. We gave ourselves 30 days, and since then, we’ve been working night and day, especially with the Nigerian Bar Association (NBA).
“We thought the best way to go about it is that we amend the Police Service Commission Act, and that has been done and the report has been concluded and soon, it will be published and be on the floor.
“We are determined to resolve the Academic Staff Union of Universities (ASUU) matter, and if we can resolve two out of three issues, I think we would have gone a long way to help the lecturers who are on strike.
“There’s a bill on vocational education, I think from the 8th Assembly that was even my bill. We’ll pick it up again and pass it to you (Young Parliamentarians Group) to polish it up and add it to whatever ideas you have.”
While speaking on the giant strides by the current administration in terms of youth empowerment, the Speaker said:
“I make bold to say that no government, in Nigerian history from inception, and I stand to be corrected, has put in as much in youth empowerment as this present government.”

Facts don’t lie, a government that has devoted N500bn to youth empowerment every year. There’s Trader Moni, N-Power, and several others, they are all there,” he added.

Gbajabiamila added that the President Muhammadu Buhari’s administration has done a lot about youth empowerment and is ready to do more.


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COVID-19: Ogun orders full reopening of churches, mosques, hotels

Religious centres and other public places have been reopened following the success recorded in flattening the curve of COVID-19.



Coronavirus: Ogun State bans cinemas, night clubs, restaurants, other businesses from operating, COVID 19: Ogun State launches digital classes for students

The Ogun State Government has ordered the full reopening of churches, mosques, businesses, hotels, and entertainment centres across the state.

This was disclosed by the State Governor, Dapo Abiodun, in a statement signed by his Chief Press Secretary, Kunle Somorin, via the state’s Twitter handle on Wednesday.

Abiodun stated that the religious centres and other public places had been reopened, following the success recorded in flattening the curve of COVID-19.

According to him, the government is aware that many people are just recovering from the economic hardship imposed by COVID-19, as their activities had been affected by the lockdown, while necessary measures had been put in place to combat the pandemic.

He stated, “In the process of rebuilding the economy, the State Government was irrevocably committed to the successful implementation of the “Building our Future Together” agenda, and would ensure everything possible for people to have increased prosperity that would place the State on a sound footing towards continued development.

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“Government would improve on testing, just as it continues to monitor the development and not hesitate to do selective lockdown should there be any flagrant disobedience to the set COVID-19 protocols.”

What you should know

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Governor Abiodun had closed religious centres, businesses and schools in March, as part of moves to flatten the curve of the coronavirus.

He later announced the reopening of only worship centres and schools in August.

Abiodun pegged the number of worshippers for each service at 200, and insisted that services must not exceed one and a half hours.

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Financial Services

CBN reveals framework for the N75 billion Youth Investment Fund

The Nigerian Youth Investment Fund will be funded through the NIRSAL MFB window of the CBN.



CBN reveals framework for the N75 billion Youth Investment Fund, Economic Growth, CBN, Governor, Emefiele, CBN releases new capital base, sanctions for Microfinance Banks, Nigerian Banks broadly positive after naira devaluation, Naira hits N465 to $1, Central Bank begins disbursing $100million to hit at currency speculators

The Central Bank of Nigeria (CBN) has revealed the implementation framework for the Nigerian Youth Investment Fund.

This was disclosed in a publication by the Development Finance Department under the auspices of the Central Bank of Nigeria.

The CBN stated that the Nigerian Youth Investment Fund (N-YIF) would be funded through NIRSAL MFB window, with an initial take-off seed capital of N12.5 billion.

READ: #EndSARS: FG creates new N25 billion Youth Fund, to increase to N75 billion in 3 years

The N-YIF aims to financially empower Nigerian youths to generate at least 500,000 jobs between 2020 and 2023.

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Objectives of the scheme:

  •  Improve access to finance for youths and youth-owned enterprises for national development.
  •  Generate much-needed employment opportunities to curb youth restiveness.
  •  Boost the managerial capacity of the youths, and develop their potentials to become the future large corporate organizations.

Explore Data on the Nairametrics Research Website

What you should know
Recall that on the 22nd of July, 2020, the Federal Executive Council (FEC) approved the sum of N75 billion for the establishment of the Nigeria Youth Investment Fund for the period of 2020 – 2023.
The fund was created to support the innovative ideas, skills and talents of Nigerian youths, and to institutionally provide Nigerian youths with a special window for accessing much-needed funds, finances, business management skills and other inputs critical for sustainable enterprise development.
  • The fund targets young people between the ages of 18 and 35 years.
  • Beneficiaries of NMFB, TCF and AgSMEIS loans, and other government loan schemes that remain unpaid are also not eligible to participate.
  • Individuals (unregistered businesses) shall be determined based on activity/nature of projects subject to the maximum of N250,000.
  • Registered businesses (Business name, Limited Liability, Cooperative, Commodity Association) shall be determined by activity/nature of projects subject to the maximum of N3.0 million (including working capital).
  • The tenor of the intervention is for a Maximum of 5 years, depending on the nature of the business and the assets acquired, of which interest rate of not more than 5% under the intervention shall be charged annually.
  • The Federal Ministry of Youth and Sports Development (FMYSD) will collaborate with relevant stakeholders to identify potential training for training/mentoring.
  • The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to login to the portal provided by the NMFB to apply for the facility.

READ: CBN raises alarm over fraudulent loan offers, investment schemes with charged fees

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As a huge percentage of youths are engaged in the informal sector, the NYIF will facilitate the transition of informal enterprises owned by youths into the formal mainstream economy, where they can be supported comprehensively, build a bankable track record, and be accurately captured as active participants in economic development.

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