Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

COVID-19 wreaks havoc on earth but there’s hope

Op-Ed Contributor by Op-Ed Contributor
March 23, 2020
in Business News, Politics
COVID-19: How the tables turned on Europe, COVID-19 wreaks havoc on earth but there’s hope, COVID-19: NPA, NCDC disagree over new cases in Lagos
Share on FacebookShare on TwitterShare on Linkedin

It is no longer news that the on-going Coronavirus outbreak (COVID-19) ravaging the earth has not only disrupted the personal plans of many, but also the global economy.

The cases keep rising day by day from country to country all across the globe. Recently, I talked about the implications the virus would have on the tourism sector in Africa, with specific reference to Kenya, Nigeria and South Africa. Apart from tourism, other sectors are in turn experiencing traumatic setbacks.

Yesterday, it was reported that Nigeria had announced its 30th case of the virus on its soil. In addition to the outbreak, oil prices in the country have also taken a huge blow. According to the report, Brent crude oil prices fell below $30 per barrel last week. This fall was the lowest of its kind since the year of 2003.

RelatedPosts

CAF to launch $200 million African Super League in August 2023

Kwankwaso explains why he cannot be running mate to Peter Obi

IMF says it can mobilize $1 trillion loan to help countries counter Coronavirus

The drop-in oil prices has forced the International Monetary Fund (IMF) to cut its projection for Nigeria’s economic growth in 2020 to 2% from 2.5% some weeks ago.

My goal is not to scare you with fear-mongering and depressing news, but to provide ways Africa and the world can contain the virus without the further spread of the disease.

[READ MORE: Coronavirus outbreak to impact tourism across Africa)

In order to combat the COVID-19, countries around the globe must close all borders to foreign nationals to prevent the spread of the disease from an outside source. It is without a doubt that most of the cases of COVID-19 in Africa have been linked to the arrivals of foreign nationals from Europe and other continents.

The most logical thing for a country to do is to shut all borders for a 30-day period and allow the governments to implement the necessary quarantine requirements for people in order to eradicate the deadly virus.

Already on the African continent, countries like Kenya, Ghana and South Africa have gone ahead with a full border closure. The same has been done for a few countries in Europe as well. According to Al Jazeera, Kenya and Ghana have temporarily banned all foreign nationals from entering the country, except those who possess citizenship in these countries or permanent residency status.

It is true that border closure would severely hamper African countries that are dependent on imports from Europe, Asia and the Americas; however, it gives countries a chance to reevaluate and figure out new ways to fill the void for an absent product.

This was the case for Nigeria back in 2019 when the country partially shut its land borders in order to restrict the smuggling of illegal items into the country. The partial border closure has been seen in some quarters as a blessing and relative independence for the country’s agricultural sector especially.

Report also has it that stakeholders in the food and agriculture industry claimed that businesses grew following the border closure. Indeed, their assertions were proven to be correct. There was a spike in locally produced rice, which caught the attention of the locals.

A 50kg of local rice was sold for N20,500, while the foreign rice that was available in the country prior to the border shut was priced between N23,000 – N25,000. In this case, border closure helped Nigeria to focus its attention on growing a commodity within the country, instead of relying on imports. As always, there are two sides to a coin.

[READ ALSO: Nigeria confirms another three coronavirus cases)

The global economic effects of coronavirus

The Nigerian employers may have to adopt a style of working from home for their employees especially within the thirty days to reduce possible local transmission.

Private Sector should also do the necessary to support government to shore up makeshift health facilities to the existing inadequate facilities currently available.

The issue of the coronavirus is a very shocking and life-changing moment for all of us across the globe, but we do our best to make sure everyone is safe. The government needs to take the necessary precautions and if that means complete border closure, then let it be done. A wise man once said, “Prevention is better than cure.”

READ MORE: COVID-19: Lagos asks civil servants to stay at home

For those in quarantine or self – isolation, my message is for you to make most of the time for what you never had time to do and remain optimistic.

Let us keep our spirits up and hope for the best in our world.

 

Paul Olele Jnr writes from Washington DC. He is a 2019 graduate of George Washington University and currently works as social media and research intern at the Corporate Council on Africa in Washington, D.C.

Related

Tags: Brent crude oil pricesCoronavirus outbreakCovid-19International Monetary FundNigeria's economic growthoil prices

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Top 10 stockbroking firms in Nigeria by value in the first half of 2022
    • CAF to launch $200 million African Super League in August 2023
    • Despite market sell-off, these crypto’s have positive YTD return

    Follow us on social media:

    Recent News

    THIS WEEK: Double wins for Airtel, Nigerian Stocks approach 50,000, US economy contracts

    Top 10 stockbroking firms in Nigeria by value in the first half of 2022

    July 4, 2022

    CAF to launch $200 million African Super League in August 2023

    July 4, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com