Impact of Covid-19 Pandemic on the Nigeria Business Environment
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Prior to the pandemic, Nigeria as a country was just recovering from recession occasioned by the 2014 crude oil price hike. This, as anticipated, pushed the economy into recession. The unexpected appearance of the pandemic forced government revenue to go down and expenditure to skyrocket, as well as an unprecedented high rate of naira to dollar. This further increased the cost of doing business, and for other businesses the permanent closure was unavoidable. It is important to note that then impact of the crisis varied across different sectors. The business owners were faced with the challenge...
Prior to the pandemic, Nigeria as a country was just recovering from recession occasioned by the 2014 crude oil price hike. This, as anticipated, pushed the economy into recession. The unexpected appearance of the pandemic forced government revenue to go down and expenditure to skyrocket, as well as an unprecedented high rate of naira to dollar. This further increased the cost of doing business, and for other businesses the permanent closure was unavoidable. It is important to note that then impact of the crisis varied across different sectors. The business owners were faced with the challenge of navigating their businesses through the economic downtime largely occasioned by the pandemic. Some organisations like Pavilion technology were innovative enough to develop strategic approach to redefine their business model in other to cope with the pandemic and post pandemic era. This research was able to pinpoint, expatiate and critically analyse how pavilion technology was able to survive using different dimensions of innovations despite the impact of the pandemic on the Nigerian economy.
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