Recovery For Business: Professional Services & COVID 19 Government Interventions
Around the world the COVID-19 pandemic has significantly affected everyone even if just with ‘sit-at-home’ policies from the government or ‘work-from-home’ policies from employers. In practice, the effects have ranged from job losses for employees, revenue losses for governments and companies,the closure of some businesses altogether and the loss of hundreds of thousands of lives. The pandemic has devastated individuals, businesses, and governments.
Globally, beyond the health hazard and disruption to social life, COVID-19 has had a significant impact on businesses in all industries and sectors. While some have been worse hit than others, generally, businesses have experienced significant financial and operational shocks as a result of the pandemic.
Nigeria will undoubtedly experience a recession, which could snowball into economic depression. This is premised on a number of factors including the declining price of crude oil, the halt in international trade,the lockdown of major cities, rising foreign exchange rates, rising poverty and unemployment, the absence of adequate local savings and uncharacteristically low foreign reserves and tax revenue. While the picture appears gloomy for the government, it is more so for private businesses who must go out of their way to sustain businesses despite these difficult circumstances.