The global pandemic has affected many businesses. This is not limited to any continent and not only Africa but globally.
According to the World Health Organisation (WHO), recent cases globally have reached a milestone of 22 Million and in Nigeria according to Nigeria Center for Disease Control (NCDC) have reached over 50,000 confirmed cases.
These have not only affected human beings but global business communities. The effect of this virus has seen many companies shutting down, laid off staff or downsizing global scopes.
THE ECONOMIC PANDEMIC IN NIGERIA
As many startups and SMEs are affected in Nigeria, the story seems to have changed from just ordinary pandemic to economic pandemic as the government now deems it fit to enforce different regulations.
One of the regulations worth noting is the recent Lagos State updates on e-hailing startups regulations after backlash. After many outcries from stakeholders, the Lagos government reviewed the regulations which still seems to have no effect.
Like other countries, the tenancy arrangement in Nigeria affected many startups whose office or facilities rent were due immediately the lock down was ease. Imagine without income for months and wake up to see huge rent renewal bill.
HOW NIGERIAN STARTUPS ARE INNOVATING THEIR WAYS AROUND THE ECONOMIC PANDEMIC
Apart from laying of staff by many other companies, Nigerian entrepreneurs have found themselves surviving this economic pandemic by innovating.
Startups now fully adopt the work from home idea by equipping their team with different tools to remain productive during and after the pandemic.
We see this work from home principle going far beyond the pandemic because the economic challenges in the country won’t enable many startups be able to pay for edifice office spaces. May be not now.
Many startups now fully adopt the internet for transactions as against going to the market to get the stuff needed. They now adopt e-commerce to purchase different items their team need to remain productive.
Many products have spring up during the lock down and many innovative ideas on social media by the entertainment entrepreneurs making waves with series of online shows.
The pandemic has also seen many startups pivoting to other sectors. One of the popular industry that experience pivot is the ride-hailing startups pivoting into logistic and delivery services.
One of such pivots is Gokada, Nigeria’s first motorcycle-hailing startup pivoting into delivery services with pioneer partners like Jumia.
It is also worth mentioning that physical trainings center fully adopt learning management system to reach out to their students during lock down to keep them abreast.