The Coronavirus (COVID-19 Virus) pandemic
Coronavirus disease 2019 (COVID-19) is an infectious disease caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The disease has spread globally since 2019, resulting in the 2019–20 coronavirus pandemic. Common symptoms include fever, cough and shortness of breath. Muscle pain, sputum production and sore throat are less common symptoms. While the majority of cases result in mild symptoms, some progress to pneumonia and multi-organ failure. The deaths per number of diagnosed cases is estimated at between 1% and 5% but varies by age and other health conditions.
The first case of someone suffering from Covid-19 can be traced back to 17 November 2019, according to media reports on unpublished Chinese government data.
The report, in the South China Morning Post, said Chinese authorities had identified at least 266 people who contracted the virus in 2019 who came under medical surveillance, and the earliest case was 17 November 2019 weeks before authorities announced the emergence of the new virus.
The Chinese government was widely criticised over attempts to cover up the outbreak in the early weeks, including crackdowns on doctors who tried to warn colleagues about a new Sars-like virus which was emerging in the city of Wuhan in Hubei province.
The pandemic’s global death toll has reached almost 14,652 while the global number of cases has surpassed 334,981, according to the WHO, which is the health agency of the United Nations. About 100,000 victims have recovered, according to WHO, which is tracking the virus.
The WHO declared the outbreak a pandemic as Italy tightened its strict quarantine and the US imposed a ban on flights to Europe.
Meanwhile, the virus has spread to at least 45 countries on the African continent.
How coronavirus and the global oil price war can impact Nigeria
Ever since the outbreak of the Covid-19 Virus Pandemic, Brent crude oil prices fell to approximately $33 per barrel on Monday 9 March 2020, the worst of its kind fall in a day since 1991.
Earlier in 2020, oil prices had fallen to almost $25 per barrel, the lowest for years. Back then, the combination of shale oil production from the US and predictions about sluggish global demand growth, was to blame.
Now the coronavirus, which has slashed Chinese oil demand more up to 20%, has added fuel to the fire.
Some OPEC members could decide to go renegade and pump out more barrels in the hope of compensating for the rapid decline in prices. Already the uncertainty has been devastating to oil markets, with the lack of coordination and trust amongst key OPEC and non-OPEC actors, fueling a new era of volatility.
For Nigeria, an OPEC member, its path to quickly ramp up production is limited by operational, regulatory and infrastructure challenges. While non-oil GDP growth has shown welcome signs of improvement in recent years, close to 90% of Nigeria’s FX revenues still come from oil exports.
Nigeria’s economy has never fully recovered from the oil price crash that took hold in 2014 – 2015.
The naira is still a classic petrocurrency whose fate remains intrinsically tied to global oil prices, at least without a seismic shift in economic structure.
Nigeria is vulnerable to a prolonged period of low oil prices – but it should take the opportunity to deregulate downstream and reform the excess crude account.
The Coronavirus Pandemic has now put Nigeria’s economy in more jeopardy as crude oil prices plunged to $25 per barrel as at Monday 23rd March 2020 and the Federal Government needs an urgent solution in order to save the country from going into another recession.
The role of Agriculture in the development of the Nigerian Economy.
The contribution of the agricultural sector to the Nigerian economy in 2010-2017 averaged 3.7 billion Naira. Experts indicate that this is about 40 percent of the GDP and this figure doesn’t change much year after year. Of course, sometimes the numbers are lower and sometimes, they are much higher but the average records show stable constant growth.
Even when the country experienced a recession, the small agricultural businesses managed to keep their momentum going no matter what happened to other sectors of the economy. So how important is agriculture to our economy?
Many Nigerian households grow different types crops and depend on livestock farming. What is agriculture in Nigeria today, and what role does it play in economic growth? Let’s take a look at the agricultural sector and analyze some of its many benefits
- major source of employment.
- main source of food provision.
- valuable contributor to Nigerian GDP (gross domestic product).
- major source of foreign exchange.
- major source of raw material for different industries.
The Role of social media in Coronavirus Pandemic.
The impact of this global pandemic is huge and Agribusiness is not immune.
This is an unprecedented, open-ended, global event that may affect every brand, business, individual and the Agribusiness Sector as the Oil sector is facing in Nigeria. People are actually dying, Companies are shutting down and many people are scared. This is not something we want to associate with and WAAS is not excluded.
We may not be at great risk from the coronavirus – but that doesn’t mean other partners in other countries are not. WAAS may also be protected and immune but this doesn’t mean a lot of our business partners aren’t going to be negatively impacted by global shutdowns, travel bans and the sense of doom.
We want our prospects to take necessary measures in this pandemic outbreak to combat it and be safe.
- Ensure you use a nose mask while en route to anywhere and avoid physical contact.
- Wash your hand thoroughly with soap regularly.
- Use the hand sanitizer regularly.
If in any case you feel the symptoms please don’t panic, endeavor to reach out to medical practitioners for adequate care.
The West Africa Agribusiness Show.
Sources: afro.who.int, who.int,
The contribution of the agricultural sector to the Nigerian Economy : Andrella Tersoo 2018.
The African Report: How Coronavirus and the global oil price war can impact Nigeria by Rolake Akinkugbe – Filani
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