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.
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.
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.
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.
UEFA also announced last week that all Champions League and Europa League matches scheduled for last week had been suspended
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.
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.
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.
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
House of Reps to make Youths globally competitive
House of Representatives is determined to make the Youths globally competitive.
“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.
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.
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.
“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.”
COVID-19: Ogun orders full reopening of churches, mosque, hotels
Pleased with the drop of COVID-19 infections in Ogun State, @dabiodunMFR, has announced that all hotels, viewing centres, marquees, event centres, suites, guest houses, motels, and establishments providing…. pic.twitter.com/sMiUe3DUt5
— Ogun State Government – OGSG (@OGSG_Official) October 28, 2020
What you should know
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.
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.
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.
The N-YIF aims to financially empower Nigerian youths to generate at least 500,000 jobs between 2020 and 2023.
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
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.