WEEKLY SECURITY UPDATE

WEEKLY SECURITY UPDATE

Posted by: Administrator
Category: Uncategorized

UNDERSTANDING THE IMPACT OF COVID-19 OUTBREAK ON THE NIGERIAN ECONOMY
The rapid outbreak of the Covid -19 presents an alarming health crisis that the world is grappling with. In addition to the health impact, there is also significant economic, business and commercial impact begin felt globally. As the virus knows no borders, the impact will continue to spread. The Covid 19 pandemic will have economic consequences for many countries.
In Nigeria, most of the sectors that will be negatively impacted by the pandemic are Tourism and Aviation, Hospitality Industry, Manufacturing, Trade, Entertainment. And Nigerian dependence on oil for revenue and foreign exchange has made it particularly vulnerable to the unprecedented oil price crash triggered by a collapse in demand of oil. Some forecast suggest that Nigeria’s unemployment rate could rise to 33.6% [39.4Million people] by the end of the year if urgent steps are not taken.
In addition, The management of Bristow Helicopters Limited has terminated the appointment of 100 pilots. The aviation company in a statement on Tuesday said those sacked comprised both Nigerian nationals and expatriates working in the company. According to the airline, the decision to sack the pilots was due to the severe impact of the COVID 19 pandemic. This come barely 24hours after Nigerian airline, Air Peace sacked over 70 pilots citing COVID 19 crisis across its fleet. The management of the airline linked the pilots disengagement to the devastating impact of the Covid 19 pandemic. This pandemic has hit every airline worldwide, so badly that it has become very impossible for airlines to remain afloat without carrying out an internal restructuring of their cost.
In another development Shoprite: Africa’s biggest supermarket considers pulling out of Nigeria. Shoprite’s decision comes at a time when Nigeria’s economy is struggling amid coronavirus pandemic. Shoprite said the lockdown restrictions because of covid 19 has affected its operations in 14 African countries.

Author: Administrator

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