The coronavirus pandemic – now referred to as a black swan event – has caused unprecedented devastation and disruption to businesses. Across the globe, Governments have shut down borders, issued anti-crowd gathering orders, restricted interstate movements and enforced lock-down to inhibit the spread of the virus. The slowdown of economic activities has led to a sharp decline in trade and investment and raises the risk of an unprecedented economic recession.

Nigeria’s 2020 revenue budget is based on an estimated oil production volume of 2.18 million barrel per day at a benchmark price of $57, Exchange rate of N305/$, Projected GDP growth rate of over 2%, and inflation rate of 10.81% – which are now improbable and the change in market conditions has resulted in the downsizing of 2020’s expenditure plan.

Nigeria’s economy would be directly impacted by the oil price shock, COVID-19 pandemic and lockdown across the country. There are additional complications due to the country’s relationship with China as infrastructure financier and key trading partner.

With the traditional workplace deserted and businesses forced to work from homes and alternate locations. Business leaders need to be aware of the business implications of the current happenings in order to develop a definite course of action to successfully navigate the uncertainty and disruptions created by the covid-19 pandemic.