Surge of COVID-19 cases in Nigeria risks another lockdown

Surge of COVID-19 cases in Nigeria Scope Markets

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The NCDC (Nigeria Centre for Disease and Control) announced that the country is currently experiencing the third wave of the COVID-19 pandemic as numbers of new cases continue to surge in some states. At the moment, the Federal Government has already placed some of these states on red alert as part of its measures to curb the spread of the virus.
While the Government has been making effort to provide vaccine for its citizens, also sensitizing the public to go take vaccinations and ensure the citizens adhere to the COVID-19 protocols, the emergence of a new variant (Delta Variant) has already found it’s way into the country with new cases already being discovered in some states and a possible spread to many other citizens.

COVID-19 will cause another lockdown?

The Lagos State government, after noticing the number of new infections has appealed to the public that the battle of this pandemic does not lie in the government’s hand alone but in the hands of the citizens too as they should ensure they adhere to public health and social measures in place to contain the spread.
While we all know that this pandemic is far from over, we need to have reflection of what happened last year (2020). The impact of the pandemic had a devastating effect on the economy. With the Government imposed lockdown in place, all economic activities were grounded. Personal savings were plundered by expenses to run the house while salaries where either cut or not even remitted by Employers as they needed to stay afloat during economic turmoil. I also forgot to mention INFLATION. The effect of the pandemic has also caused the price of food and services to sky rocket that many citizens can’t keep up with the same lifestyle as they have to either cut short their spending habits or look for cheaper alternatives to satisfy their wants.

 COVID-19 cases in Nigeria Scope Markets

Not wanting to sound like Doctor Doom but if the numbers of new infection continue to surge in the coming days, then the Government will have no choice than to impose another lockdown and that means we will be experiencing a repeat of another hardship. Your finances will plunder, and you might be saying “thank Goodness, I have a job”. What if your employee insists on “no work, no pay” while you are still on contract or you either sign an agreement to accept a pay cut so as to still remain in the Labour force rather than getting a sack letter. Cost of things we need will surely go up as businesses too need to stay afloat while your take home pay remains the same, slashed or not remitted at all. There is also scarcity of jobs too as the global economy is still yet to recover from the pandemic. Devaluation of the national currency(Naira) will further worsen the situation
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Disclaimer: The article above does not represent investment advice or an investment proposal and should not be acknowledged as so. The information beforehand does not constitute an encouragement to trade, and it does not warrant or foretell the future performance of the markets. The investor remains singly responsible for the risk of their conclusions. The analysis and remark displayed do not involve any consideration of your particular investment goals, economic situations, or requirements.

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