Resident wear masks to buy vegetables in the market on January 23th, 2020 in Wuhan, China. Getty Images, CNBC

Adebayo Obajemu

The COVID-19 pandemic which began in China in December has spread to virtually all parts of the world with devastating impact on world economies , social , political and spiritul lives of the peoples.

In a bid to mitigate the disaster, many countries have adopted drastic measures to slow down the spread of the virus, some of measures include lockdowns and travel restrictions across countries globally, with Nigeria also being affected.

These lockdowns across countries of the world have led to economic slowdown, and in Nigeria, it has led to the shutdown of many businesses, especially those that cannot be performed from homes.
The only execeptions being businesses offering essential services.

Many sectors of the economies have been adversely affected by the lockdown, and these sectors are critical to the economy.

These sectors include; Tourism and Aviation:

Without doubts, these two sectors are critical to the nation’s economy. Aviation has been one of the hardest-hit sectors, as the lockdown and travel restrictions have led to drastic drop in demand among travellers. Beside, most airports across the globe are closed to international flight. This has put a lot of stress on jobs, only last week, Virgin Australia announced drastic cut in wirkforce.

Most of the local and foreign airlines have suspended operations, with all the airports under a shutdown order by the Federal Government.

Recall tgat as of March, the International Air Transport Association (IATA) reported an estimated revenue loss of $252 billion in the sector globally.

In Nigeria, there is an enormous strain on hospitality industry: the sector has been one of the sectors hardest hit by the pandemic.

Many of the employees in this sector are either out of work or losing hours due to travel restrictions, the shutdown of businesses, and social distancing. The hotels have been experiencing very low patronage.
At the Fbot Hotel located at the borderline between Adiyan and Opeilu in Agbado, reputed to be one of the best in Ogun State, patronage has dipped to 30 percent as a result of the restriction and social distancing.

Cinemas and Entertainment:

The film and entertainment industry, in general, has since the lockdown been experiencing low patronage as movement of fun seekers and movie afficionadoes has been restricted. This has caused negative impact; as all movie theatres have been shut down, art exhibitions, movie premiers and musical concerts have either been cancelled or postponed. It is estimated that multi-billion naira worth of deals has been lost in the sector.

Oil and Gas Industry:

The sector being the lifewire of the economy has witnessed serious convulsion due to global slump in price of crude oil occasioned by the ravaging Coronavirus pandemic.

The pandemic has caused a slide in oil demand and crash in crude oil prices globally. Even the intervention of OPEC+ and top oil-producing countries through output cut has still not impacted on oil prices or stabilized the market.

Real Estate and Construction:

The real damage of the effect of the Coronavirus on the economy is also felt in real estate as the drop in income and loss of jobs, have affected demand in real estate.

The enforced restrictions and social distancing have
adversely affected construction activities nationwide with organizations and individuals trying to apply safety measures.

Trade:

Trading activities have suffered the most owing to the shutdown of factories, reduced access to raw materials and commodities due to supply chain challenges. Trillions of naira worth of trade for both imports and exports have been lost to the lockdowns, seaports and border closure.

As China, is crucial to global trade with its current integration in the global value chain and main supplier and buyers of intermediate inputs, the disruptions it is dealing with due to the disease will affect trade.

Manufacturing: The disease will impact negatively on the manufacturing sector, as production lines and factories