Small businesses are at the receiving end of the ravaging coronavirus scourge as over 40 million livelihoods are confronted with tough choices in their quest for survival, reportsIn a worst-case scenario, Lagos has estimated 39,000 citizens catching the COVID-19 bug, and 90 percent of them recovering—if they have no pre-existing downers.
“So when rain fall and water get into the poultry, my security guard there tell me the chickens are shaking and dying one by one.” If he had succeeded in his plans to sell off the old layers at N1500 each in the days leading to the Easter celebration, Razak would have made exactly N375,000 from his small business in a matter of days. But that never happened as a result of the collateral damage. What he has left now are 70 sick birds waiting to die soon.
But the Nigerian situation presents its own peculiarity in that the informal sector is the heart of Nigeria’s economy. It contributes 65 percent of the nation’s economy output, according to an IMF 2017 estimate. Each administration, since 2013, has been devoting more funds to it, or creating more micro-schemes. President Muhammadu Buhari added the National Social Investments Programme which comprises N-Power, Government Enterprise and Empowerment Programme , with its TraderMoni, FarmerMoni, and other micro-funds. In the last three years, the N-SIP gulped N470 billion, said Mariam Uwais, Buhari’s adviser on social welfare.
The slowdown in income generation and spending can bottom out in death—business death—just like COVID-19 complications drain life out of the infected.In Nigeria, analysts have found out that 80 percent of new businesses go belly-up on their third birthday. Which means almost all the businesses that sprang up in 2017 will die standing up this year, ordinarily.
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