Covid-19 and Nigerian Businesses: From Survival to Thriving in a Changing World


A Quake on the World Economy

Global collapse in world economy

Caused by the Severe Acute Respiratory Syndrome coronavirus2 (SARS-CoV-2), the Coronavirus disease 2019, code name COVID-19, has plagued nations, leading to over 1,000,000 cases and an excess of 55,000 deaths globally as at April 3. The coronavirus has, so far, had a devastating effect on human lives and has begun to leave its negative impact on economies and businesses worldwide. For example, Bloomberg predicts a scenario of Zero global growth in 2020 with a lost output of $2.7 trillion. The Organization for Economic Co-operation and Development (OECD), in early March, noted that “annual global GDP growth is projected to drop to 2.4%, down from the 2.9% projected earlier”.