International media outlets began to issue reports on the Coronavirus disease (COVID-19) in late 2019. The situation had further deteriorated with reports of infections observed in locations outside China in the early weeks of 2020. The World Health Organization (WHO) declared the COVID-19 outbreak, a Pandemic on 11 March 2020. For a year that started out with lots of promise for Nigeria and the World, this unforeseen development undoubtedly changed the course of the year and this comes with striking impacts on all sectors of the global economy.
Following the record of Nigeria’s first COVID-19 incidence on 27 February 2020 and the gradual increase in the number of reported cases, President Muhammadu Buhari directed a two-week lockdown of two major commercial states, Lagos and Ogun States, and the Federal Capital Territory, Abuja on 29 March 2020. With Nigeria’s major trading partners like China being affected by the COVID-19 resulting in significant drop in oil demand and prices as well as disruptions in supply chains, coupled with measures to curb the steady spread of the virus across the nation such as the unavoidable lockdown and the attendant consequences of physical distancing measures , our fear that the crisis is not only health-related but has serious economic implications has become a reality.
Governments across the world have started responding to the crisis with various regulations and economic measures (i.e. fiscal and monetary) to tackle the crisis head-on. It is on this note that Andersen Tax, Nigeria has commenced this series of publication to monitor and document the Nigerian Government’s economic and regulatory interventions and provide useful insights for businesses and households in managing the challenges of the COVID-19 disruptions.
From Andersentax Nigeria
For further information, contact:
Partner & Head