Wednesday, July 6, 2022
  • HOME
  • CONSUMER PERSPECTIVE
  • PERSONAL FINANCE
  • MARKETS & COMPANIES
    • APPOINTMENTS
    • COMMODITIES
    • COMPANIES
  • BUSINESS & ECONOMY
    • AGRICULTURAL ECONOMY
    • AGRO-ECONOMY
    • AVIATION
    • BRANDS
    • CONSUMER GOODS
    • ECONOMY
    • ENERGY
    • ENVIRONMENT
    • FINANCIAL INCLUSION
    • INSURANCE & PENSIONS
    • INVESTMENT
    • MANUFACTURING
    • MARITIME
    • MONEY
    • MSMEs
    • PRODUCT REVIEW
    • STARTUPS
  • CULTURAL CURRENTS
  • EMPIRE
  • CORPORATE RENDEZVOUS
Financial Street
No Result
View All Result
  • HOME
  • CONSUMER PERSPECTIVE
  • PERSONAL FINANCE
  • MARKETS & COMPANIES
    • APPOINTMENTS
    • COMMODITIES
    • COMPANIES
  • BUSINESS & ECONOMY
    • AGRICULTURAL ECONOMY
    • AGRO-ECONOMY
    • AVIATION
    • BRANDS
    • CONSUMER GOODS
    • ECONOMY
    • ENERGY
    • ENVIRONMENT
    • FINANCIAL INCLUSION
    • INSURANCE & PENSIONS
    • INVESTMENT
    • MANUFACTURING
    • MARITIME
    • MONEY
    • MSMEs
    • PRODUCT REVIEW
    • STARTUPS
  • CULTURAL CURRENTS
  • EMPIRE
  • CORPORATE RENDEZVOUS
Financial Street
No Result
View All Result

Victims of COVID-19 in the business world

Raheemah Arogundade by Raheemah Arogundade
April 28, 2020
in OPINION
0
Victims of COVID-19 in the business world

Columnist: Raheemah Arogundade Twitter: @DADEsalamah

0
SHARES
15
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsApp

That the coronavirus disease has grounded industries and businesses globally is no news. While some industries benefit more from the pandemic with their emergency policies like work-from-home, others drastically lose out, on account that their products and services are not essential for this period.

COVID-19 has succeeded in reworking our ways of life across all aspects. Businesses are already crippled and the business environment faces more challenge than ever, especially considering that no end to the crisis has been foreseen.

READ ALSO

How Africa can help wean Europe from Russian gas

Distance to go in recognising women’s rights as human rights

Enforcement of lockdowns and curfews has led to decrease in consumer demand for certain products and services. Some of the industries that would lose during this period include transportation, entertainment, event management and tourism.

Read Also:

  • Public and private sectors' role in financing climate change needs
    Public and private sectors' role in financing climate change…
  • APCON and war against false adverts
    APCON and war against false adverts
  • Nigeria to benefit from local Content in petroleum sector
    Nigeria to benefit from local Content in petroleum sector

The pandemic has affected the transportation industry so much, and the reason is not far-fetched. Government of most countries with COVID-19 cases have had to enforce stringent policies such a lockdowns, prohibition of public or large gatherings and restriction on movement. The rules that directly affect the transportation industry are the ones restricting movements, conditioning everyone to stay at home. Hence, all means of transportation have been affected, as there are no passengers to convey. The transportation industry will sure bounce back to its feet after the pandemic.

Under transportation is the aviation sub-sector. Maintenance of the aviation sub-sector is capital-intensive. Restriction on movement has undisputedly affected revenue generation for the sector and created huge debts. Most aviation operators depend on debt financing because of the capital-intensive nature of the sector. With the downturn in their activities, these industries will either liquidate or seek bailout. Some have started cutting salaries and placing some personnel on compulsory vacation without pay. In these times, aviation businesses are struggling to survive.

The entertainment industry has also had its share of the toll the pandemic is taking on economies. This industry used to be one of the most lucrative. Shows, film productions, shoots, concerts, live performances, among others have been cancelled or postponed to comply with laws churned out to prevent further spread of the disease. Comedians, artistes and brands have had to momentarily pause all activities through which they generate revenue. However, through innovative utilisation of available opportunities such as social media and other technological tools, the industry still manages to stay afloat.

Measures such as social distancing and lockdowns have also affected the event management industry. Due to the restrictions, events have been cancelled. For instance, events halls are bare; rental services are on hold; decorators, caterers and photographers are left without jobs. All the personnel involved in the event management industry are affected by the stagnant economy. Once the crisis wanes, the industry will definitely recover fast, as events would have piled up, and their services will be sought even more frequently than ever.

Start-ups, as well as Small and Medium-sized Enterprises, with no viable continuity plan will be affected by the pandemic. Start-ups with little capital will, at this time, record low or no sales. The remaining but insufficient capital will be spent on personal affairs and will be seen as a means of sustenance, especially during these times. In another vein, SMEs have been the bedrock of many big economies, as they engage majority of the unemployed who sustain several hangers-on. Sadly, due to the outbreak, start-ups and SMEs are struggling to balance up and reduce the impact on their activities. For most of them, there’s a chance for recovery once the pandemic is contained.

The fashion industry is another that encompasses a variety of skilled workers, including dress and footwear makers, designers, models, fabric manufacturers and jewellers. However, products from these varied personnel are not necessary for survival, though clothing is one of the three primary human needs. People have nowhere to go, as the expectation is that everyone is at home due to lockdown and the cancellation of social gatherings. The reduction in demand for fashion products has constituted a roadblock for business continuity within the fashion industry.

Some critics have described religion in this clime as business. For some religious organisations, the major source of revenue is members’ contributions, in line with the individual’s belief. The reality is that many religious leaders become even richer than those in the business world. COVID-19 has, however, hindered revenue generation for such institutions. Most religious houses are now silent buildings. Even as some churches and other religious institutions have made available online payment channels, since individuals are financially down, giving to such religious organisations is measured.

Not to forget tourism. Local and international lockdowns have rendered tourism lame. Even medical and religious tourism, which used to be status symbol in Africa, are now like hell. Overseas returnees, unlike before COVID-19, are now treated as lepers in many African societies. However, this sector is another that will bounce back fully after the pandemic.

  • Facebook
  • Twitter
  • Pinterest
  • LinkedIn

Tags: BusinessCovid-19Lockdown

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Raheemah Arogundade

Raheemah Arogundade

Related Posts

Lessons from Libyan oil industry recovery
OPINION

How Africa can help wean Europe from Russian gas

March 16, 2022
Distance to go in recognising women’s rights as human rights
OPINION

Distance to go in recognising women’s rights as human rights

March 10, 2022
Building resilient African enterprises post-pandemic - Cathy Smith
Front Page

Shun negative hype, tech is for good

March 4, 2022
When we tell our stories: Musings from AFCON 2021
OPINION

When we tell our stories: Musings from AFCON 2021

February 28, 2022
Understanding Oby Ezekwesili’s drive for fruitful democracy
OPINION

Nigeria: Selective tax waiver and govt’s support

February 21, 2022
What 2022 may hold for tech’s role in Africa
Front Page

What 2022 may hold for tech’s role in Africa

January 21, 2022
Next Post
Apapa port records first COVID-19 case 

Apapa port records first COVID-19 case 


Naira4Dollar Rates
ADVERTISEMENT

RECENT STORIES

Nigeria to benefit from local Content in petroleum sector

Nigeria to benefit from local Content in petroleum sector

July 5, 2022
Cybersecurity: All you need to know

Cybersecurity: All you need to know

July 5, 2022
climate change

Public and private sectors’ role in financing climate change needs

July 4, 2022
NGX index, market cap depreciates by 2.18%

NGX ASI appreciates by 0.24% to halt two weeks’ bearish sentiment

July 4, 2022
APCON and war against false adverts

APCON and war against false adverts

July 2, 2022
Uber Eats celebrates fourth anniversary with 5.2% growth in Kenya

Uber Eats celebrates fourth anniversary with 5.2% growth in Kenya

June 28, 2022
Role of coop in tech startups empowerment

Role of coop in tech startups empowerment

June 28, 2022

TRENDING

  • 40 Nigerian students to get Nexford, Piggyvest scholarships

    40 Nigerian students to get Nexford, Piggyvest scholarships

    0 shares
    Share 0 Tweet 0
  • Uber Eats celebrates fourth anniversary with 5.2% growth in Kenya

    2 shares
    Share 0 Tweet 0
  • APCON and war against false adverts

    0 shares
    Share 0 Tweet 0
  • Public and private sectors’ role in financing climate change needs

    2 shares
    Share 0 Tweet 0
  • Duty call as Anambra Governor

    0 shares
    Share 0 Tweet 0
Financial Street

© Financial Street 2021. All Rights Reserved.

More Links

  • Privacy Policy
  • Terms of Use
  • Contact Us

Follow Us

No Result
View All Result
  • HOME
  • CONSUMER PERSPECTIVE
  • PERSONAL FINANCE
  • MARKETS & COMPANIES
    • APPOINTMENTS
    • COMMODITIES
    • COMPANIES
  • BUSINESS & ECONOMY
    • AGRICULTURAL ECONOMY
    • AGRO-ECONOMY
    • AVIATION
    • BRANDS
    • CONSUMER GOODS
    • ECONOMY
    • ENERGY
    • ENVIRONMENT
    • FINANCIAL INCLUSION
    • INSURANCE & PENSIONS
    • INVESTMENT
    • MANUFACTURING
    • MARITIME
    • MONEY
    • MSMEs
    • PRODUCT REVIEW
    • STARTUPS
  • CULTURAL CURRENTS
  • EMPIRE
  • CORPORATE RENDEZVOUS
Posting....