COVID-19: The Economic Catastrophic Agent–Ojo Olumide
I quickly want to take us back to history when the whole world experienced its first disaster(Pandemic) the World war 1, from 28 July 1914-11 Nov 1918. This is to tell you that the first world pandemic lasted for the period of 4year. And ever since, the world has being affected with different forms of droughts.
However, we have economy drought which adversely leads to loss of jobs and this is the major aspect of our discussion. Pandemic Droughts on Africa Economic like Nigeria.
Economically, where there is war related to pandemic everything would be affected. Every sector would be restructured and technology would be forced to put into play instead.
America, Europe talking of developed countries had began there restructuring process even before this time. This pandemic only encourage it more. Not withstanding, the impact of the pandemic begins with the crash in the price of crude oil worldwide which directly affects every parts of sector without leaving one behind, because this is what most of the nations of the world depended on.
In Africa (Nigeria) a developing country where we solely depend on crude oil to run the nation economy at a time when nations of the world has moved on with other revenue sustainability. We can not but experience the worst recession which might take many years before recovery because we’re still at the brooding stage. Even though money laundering and other form of corruption worsen our economic to a level of debilitation. Not only human beings experience this, when a nation run into recession its also said to be in a stage of debilitation.
However, the effects of the pandemic is first noticed when one of the merchandise banks “ACCESS PLC” reported to have retrenched her staffs. I think this decision of retrenchment is a big slap to there reputation. Let us recall, ACCESS BANK help Federal Government with the sum of total 1billion as a way to cushion the effects of COVID-19. This 1billion giveaway to Federal Government is an eye service, of course this money could have been used to secure the jobs of their staff. I think this decision of retrenchment is a big slap to there reputation.
Another report also indicates the said bank was trying to save its staff by slashing their money rather than laying them off. Though by and large, restructuring would definitely lead to downscaling, and downsizing of staff. Informal sector would be largely affected because they are private owned business whereas this are the sector that mostly need financial intervention. Further to this I use this medium to urge the Federal Government to call on all SMEs and reimburse them with subvention Fund in order to allow the free flow of state Economy Since majority of the Grassroot Populace live on the survival Economic instinct of the SMEs
As Matter of fact, any developing country like ours need a lot to do by investing in other businesses. Moreover, diversification would help a country like Nigeria to survive the bruise of the pandemic on the long run if well managed. Going into Agriculture seems to be the solution, at least there will be food for all.
Lastly, we shouldn’t forget so soon how we’re bitten by this dreaded disease COVID-19, even though the strike still hit badly and fresh in our memory, let ensure we put to use all precautionary measures both hygienic and economic wise in order to safe our world from ruin.
Ambassador Ojo Olumide writes from Ibadan.