Coronavirus
Five industries that thrive in COVID-19 downturn
Businesses in certain industries are actually thriving amidst the COVID-19-induced economic downturn
The Coronavirus (COVID-19) Pandemic has hit the world economy like a ton of bricks. Several businesses across various industries have practically shutdown or only operating with a fraction of their capacities due to restrictions of movement imposed by governments around the world to curtail the spread of the virulent COVID-19.
The International Monetary Fund (IMF), through its Managing Director, Kristalina Georgieva, on March 27 confirmed that the global economy has already slipped into a recession.
Also, the Organization for Economic Co-operation and Development (OECD) cut its GDP growth forecast for global economy for the year 2020 to 2.4%, the lowest rate since the 2008-2009 financial crisis.
At the national levels, the United States, United Kingdom, Italy, France and Malaysia are just a few of the countries that are appear to be heading towards a recession.
However, not every business has been negatively impacted by the global pandemic. Businesses in certain industries are actually thriving amidst the COVID-19-induced economic downturn.
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Changing lifestyle and business patterns occasioned by the restrictions of movement in various parts of the world means that people are now forced to spend much of their time engaged in indoor and online activities, albeit temporarily. This has opened up a window of opportunity for online-oriented businesses.
Below are 5 peculiar industries that are currently witnessing uncommon growth in a recession-hit global economy.
Healthcare:It is no longer new that this is a boom period for businesses in the healthcare industry and its value chain. A lot of medical products and services are in high demand, such as surgical masks, hand sanitizers, disinfectants, vitamins and supplements, home healthcare and medical supplies, with many healthcare companies struggling to meet demands. Though saving lives is paramount in times like this, that has not stopped healthcare companies from smiling to the bank.
Social Media: Social media consumption has risen sharply across the world since the onset of the coronavirus crisis. According to a survey by the London-based market research firm, Kantar, in 30 economies between March 14 and 24, instant messaging giant, WhatsApp, has seen a 40% increase in usage due to the COVID-19 pandemic. Similarly, social networking platform Facebook has witnessed a 37% bump in usage since the crisis began.
Telecommuting: Organizations, including businesses, government agencies and religious bodies, have been forced to modify the way they operate in order to simultaneously keep their employees safe and ensure that their operations do not grind to a halt during the pandemic. More people than ever before are now working remotely. This phenomenon has elevated telecommuting platforms once considered luxuries to bare essentials of the work setting.
While stock markets have crashed and sent shares of travel and logistics companies like Uber and Lyft plummeting, the valuations of telecommuting companies like the video calling app Zoom have skyrocketed. The estimated net worth of Zoom’s founder, Eric Yuan, has increased by more than $4 billion since the start of the coronavirus crisis.
Gaming: The entertainment industry generally is among the worst-hit industries in the coronavirus crisis. Movie studios have suspended production, sporting events have been cancelled, cinemas are shut.
READ MORE: Flying Doctors’ Founder, Ola Brown, discusses Challenges facing Nigeria’s Healthcare Industry
But the surge in demand for home entertainment has particularly benefited one niche business in the entertainment industry: online video gaming. US telco, Verizon, revealed in a recent report that video gaming traffic on its internet network during peak hours has spiked by as much as 75% since the shutdown in the United States began, and similar figures have been reported by other sources across other gaming hubs around the world.
E-learning: For many, this lock down is an opportunity for self-improvement. And they have seized it to develop their knowledge and expand their skill set by taking online courses in software development, cooking, makeup, fashion design, foreign languages and entrepreneurship, among others. Parents have also enrolled their children in online academic programs while waiting for schools to resume.
In all, apart from businesses in the healthcare industry, the biggest winners are online-based and oriented businesses. A key takeaway for entrepreneurs during this economic gloom and doom should be the need to embrace the digital economy.
Article written by Chinedu Nnawetanma
Coronavirus
COVID-19 Update in Nigeria
On the 23rd of September 2020, 111 new confirmed cases and 2 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 57,724 confirmed cases.
On the 23rd of September 2020, 111 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 3,177 samples across the country.
To date, 57,724 cases have been confirmed, 48,985 cases have been discharged and 1,102 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 484,051 tests have been carried out as of September 23rd, 2020 compared to 480,874 tests a day earlier.
COVID-19 Case Updates- 23rd September 2020,
- Total Number of Cases – 57,724
- Total Number Discharged – 48,985
- Total Deaths – 1,102
- Total Tests Carried out – 484,051
According to the NCDC, the 111 new cases were reported from 12 states- Lagos (31), Gombe (18), Kaduna (18), FCT (15), Rivers (14), Imo (3), Kwara (3), Oyo (3), Bayelsa (2), Ogun (2), Edo (1), Osun (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,086, followed by Abuja (5,598), Plateau (3,304), Oyo (3,236), Edo (2,616), Kaduna (2,377), Rivers (2,277), Delta (1,800), Ogun (1,774), Kano (1,734), Ondo (1,606), Enugu (1,285), Ebonyi (1,038), Kwara (1,028), Abia (881), Gombe (857). Katsina (848), Osun (818), Borno (741), and Bauchi (692).
Imo State has recorded 565 cases, Benue (473), Nasarawa (449), Bayelsa (397), Jigawa (322), Ekiti (317), Akwa Ibom (288), Niger (259), Adamawa (234), Anambra (232), Sokoto (161), Taraba (95), Kebbi (93), Cross River (85), Zamfara (78), Yobe (75), while Kogi state has recorded 5 cases only.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
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Coronavirus
Smartphone to be used for daily tracking of first set to receive COVID-19 vaccine
Essential workers would get daily text messages on their smartphones enquiring about the side effects.
The first set of Americans who get the doses of the first Covid-19 vaccines will be closely monitored by the US Centers for Disease Control and Prevention (CDC) through daily text messages and emails from their smartphones.
This disclosure was made by a federal advisory group on immunization practices during a meeting.
A CDC immunization expert, Tom Shimabukuro, at a meeting of the CDC’s Advisory Committee on Immunization Practices, said that essential workers, who were expected to be the first recipients, would get daily text messages on their smartphones enquiring about the side effects in the first week after they get the shot, and then they would be contacted weekly for 6 weeks.
READ: Polio Debt: Gates Foundation agrees to repay Nigeria’s $76m debt.
Shimabukuro disclosed that those essential workers could be as much as about 20 million people.
Janell Routh, a CDC medical officer revealed that the advisers also discovered that the CDC and the US Defense Department have set up technical assistance teams to help state and local jurisdictions develop and implement distribution plans, which are due for review and approval by October 16.
While addressing the panel, Routh said, “We are asking states to think broadly. In their plans, I think they should have contingencies for whether there’s an ultra-cold product only or whether there’s more than one vaccine available.”
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This meeting is coming up at the time when some prominent voices like Bill Gates have expressed their distrust for CDC under its current leadership over their rush for vaccine development which has political undertones.
This is as polls conducted in the past 2 months revealed that majority of Americans expressed worry over the rush in vaccine development and a third wouldn’t get inoculated.
Shimabukuro said the quick detection of safety signals was of paramount importance, while also noting that the data gathered could provide reassurance if no safety concerns were detected.
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While responding to a question over public safety concerns, Shimabukuro said there would be a chance to opt out of the smartphone program. He, however, pointed out that those who had opted out could also decide to opt back in at a later time.
The head of the panel’s Covid-19 vaccines working group, Beth Bell, said that the advisory group would counsel Robert Redfield, the CDC Director, on how best to get a Covid-19 vaccine to Americans. A vote on specifics though, won’t occur until after the U.S. Food and Drug Administration takes action on a vaccine.
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The committee is made up of 15 voting members, who are mostly medical experts and academics, as well as government and medical industry representatives.
Every jurisdiction is “heavily involved right now in planning” and have been for some time, Routh said. It’s unclear whether states will know which vaccine could be first available. Each has different storage requirements with some needing extremely cold storage.
READ: China’s Covid-19 vaccine may be ready for general public in November 2020
Kathleen Dooling, a CDC epidemiologist who presented to the immunization panel last month, said 10 to 20 million vaccine doses would be available in November if a vaccine is approved before then.
Coronavirus
Covid-19: FG reports 36% drop in confirmed cases, disburses N32 billion to 32 states
Nigeria has witnessed a decline in the number of coronavirus cases in the month of August from that recorded in July.
The Federal Government has announced a 36% decline in confirmed COVID-19 cases in the month of August, as against what was recorded in July across the country.
This disclosure was made by the Director-General of the Nigeria Centre for Disease Control (NCDC), Dr Chikwe Ihekweazu, during a press briefing on Monday by the Presidential Task Force (PTF) on COVID-19 in Abuja.
He, however, said that it is not time to celebrate as the decline could be attributed to low COVID-19 tests in the states.
“The number of reported cases daily has declined nationally in the last few weeks. We have seen a 36 per cent decline in August compared to July on national figures. Unfortunately, we cannot celebrate this until we test sufficient figures in every state,” the NCDC boss maintained.
Meanwhile, the Presidential Task Force on Covid-19 has disclosed the disbursement of N1 billion each to 32 states in the country amid the coronavirus pandemic.
This was part of the statement made by the PTF Coordinator, Dr Sani Aliyu, during a press briefing of the task force on Monday in Abuja.
Aliyu said, “We have released money to the state governments recently, to 32 state governments. Each state government was given a billion naira. This is for the purpose of driving their COVID-19 responses and we are asking them to prioritize testing in addition to surveillance activities linked to COVID-19.’’
The Chairman of PTF on Covid-19, who also doubles as the Secretary to the Government of the Federation (SGF), Boss Mustapha, called for greater vigilance from both the government and citizen.
While explaining the importance of the call, Mustapha noted that the country’s economy has been devastated by the global pandemic.
The SGF stressed that President Muhammad Buhari’s administration, as a serious government, is pushing through with reforms that will help the nation’s economy recover from the effect of the virus.
Mustapha said, “The call for greater vigilance is underscored by the fact that our economy has been seriously affected by the pandemic and we are pushing through with home-grown economic recovery strategies to cushion the economic impact of the pandemic.”
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