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COVID-19 Impact on MSMEs in Nigeria

Dear ,

The outbreak of the novel Coronavirus COVID-19 is taking a heavy toll on economies across the world, Nigeria inclusive. As reality begins to dawn in Nigeria on the potential implications of this pandemic on Nigeria's socio-economic growth and development in the mid to long term, here are five (5) key developments you need to be aware of as a business owner in Nigeria.

1. Nigeria's dwindling foreign exchange reserves: Oil is Nigeria's major foreign exchange (FX) earner accounting for over 90% of our FX earnings. COVID-19 has forced a slowdown in major economic activities across the world which has negatively affected the need and consumption of petroleum products, resulting in an excess supply of crude oil. 

1. Reduced Consumption: As part of efforts to reduce the spread of COVID-19, major institutions and governments at the federal and state levels have made announcements restricting movements of the populace. The Federal Ministry of Education announced the closure of schools nationwide and state governments such as Lagos and Ogun have placed restrictions and in some cases outright shutdown and bans on public gatherings including religious congregations. 

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Do have a great week!Sincerely,Oluchi Johnson-AchibiriCommunity Manager, msmehub.orgFATE Foundation1st Floor, Water Corporation BuildingIjora, Lagos

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