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