Businesses Affected by The Covid-19 outbreak in Nigeria

May 5, 2020

Businesses Affected by The Covid-19 outbreak in Nigeria

Since the outbreak of the novel corona virus also known as Covid-19, a lot of business ventures have been adversely affected, thereby leading to increase in poverty, unemployment and/or job loss. This was as a result of the total lockdown enforced by the government.

According to the Covid-19 statistics on Worldometer, it was recorded that a total of 3,695,413 million cases of covid-19 have been confirmed with 255,792 deaths as at May.

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The lockdown in different parts of the country is a necessary measure that will help reduce the spread of the virus. This lockdown entails restriction of human movement and business operation.

In this case, as a result of the lockdown in countries battling the epidemic and increase in infections, some businesses in Nigeria and other countries have been rendered inactive due to the widespread of the virus.

Such business includes;

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TRANSPORTATION
In order to stop the spread of Covid-19 in Nigeria, it is important to stop the movement of people from one location to another. It was reported that when people travel either by air, road, land etc, it can easily aid the transmission of this virus. Hence, the government had to close the transport system which includes local and international flight, and not excluding the movement of commercial bus and trains.

This decision have caused serious economic effect on the transportation sector because travelers cannot afford to travel as a result of the restrictions on local or international travel and fear of getting the virus.

TOURISM
The tourism industry is no doubt one of the businesses affected by the pandemic. A lot of tourist centers in Nigeria such as obudu cattle ranch, freedom park, no longer attracts tourist from within Africa and overseas. This was as a result of the fear of community infection.

ENTERTAINMENT
The entertainment industry in Nigeria is the biggest in Africa with a lot of revenue generation. This comprises of music, cinema, sports and games, etc. A lot of international and local events such as concert, tour, exhibition, movie premiere, sports competition, training, conference, etc have been reschedule, cancelled or postponed. This has led to organisers in this industry to refund their customers.

The government had shutdown this sector of the economy to avert drastic increase in infection. This shutdown has affected this sector, thereby leading to low income generation for businesses under the entertainment industry.

Entrepreneur or businesses that are affected in the entertainment industry includes; Comedian, Musician, booking or ticketing agency, photographer, dancers, deejays etc

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HOSPITALITY
The hospitality industry is another sector that have been affected by the Covid-19 outbreak. A lot of five (5) star hotels, eateries, shopping malls, clubs and bars etc., have been advised to compulsorily shutdown. It has reduced the income of this business because the numbers of customers have reduced, thereby leading to low profit.

FASHION AND BEAUTY
The demand for fashion and beauty products has dropped during this period of lockdown. This was as a result of the ban on parties and public gatherings.

This lockdown has affected individuals or businesses in make up artistry, event planners, gym and spa, models, fashion designers, bakers etc