The Coronavirus (COVID-19) pandemic raises several challenges across different sectors of the economy. No sector from banking, telecoms, manufacturing, e-Commerce among others are exonerated from the uncertainty triggered by the pandemic.
The Coronavirus pandemic raises several challenges across different sectors of the economy. No sector from banking, telecoms, manufacturing, e-Commerce among others are exonerated from the uncertainty and rising costs of operations triggered by the pandemic.
For China, an estimated RMB 4.2 trillion of discretionary fiscal measures have been announced. Key measures include increased spending on epidemic prevention and control, production of medical equipment, accelerated disbursement of unemployment insurance and extension to migrant workers, tax relief, and waived social security contributions.
Stakeholders insisted on the need to re-evaluate other ways to use tax incentives to grow the economy post-COVID-19 without over-emphasis on multiple taxations for sectors that are required to support the economic recovery process. In a recent report titled “Changing Competitive Landscape in the Fintech and Banking sectors in Nigeria” by PricewaterhouseCoopers , said that all sectors of the economy are facing the adverse impact of COVID-19 at various degrees.
To succinctly capture the overall situation in the telecom industry, Analysys Mason in its April 2020 report, while commenting on revenue impact during the COVID-19 lockdown, says: “Overall revenue declines are expected to amount to 3.4 per cent in 2020 with a modest rebound of 0.8 per cent in 2021.”
The e-Commerce segment of the economy has also not been left out. As people have embraced social distancing as a way to slow the spread of the pandemic, there has naturally been a drop-off in brick-and-mortar shopping, but that has not led to increased sales for e-commerce companies. Senior Vice Chairman, Africa Standard Chartered Bank Group, Mrs. Bola Adesola, said the world has changed, including the way people live and do business. Speaking at a webinar organized by Financial Institutions Training Centre, Lagos, she said that COVID-19 has had an enormous impact on people’s lives and businesses, hence the need for government, its agencies, and private sector operators to take steps that would guarantee continuous profitability for companies.
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