Ebola Outbreak Impinges On Nigeria’s Economy, May Lose N542bn In 6 Months

There are indications that the Ebola virus disease is affecting several sectors of the Nigerian economy, as the nation risks losing over $3.5 billion (N542.5 billion) to the epidemic by December, if nothing is done to contain the spread.

Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, who stated this in the firm’s latest report, said the fear of the disease had affected economic
activities significantly.

This was even as experts in the maritime sector raised concern that containers volume had dropped slowly, as ships reduced to 16 this month from 26 in July, indicating 38.4 per cent drop.

The report said the sectors that would be impacted the most in Nigeria are aviation, hospitality and tourism, trade, medical and agriculture.
The report, which analysed the contributions of the sectors to the Gross Domestic Product (GDP), noted that Nigeria might lose about $2 billion in the first quarter of the outbreak and about $3.5 billion in the second quarter, although the chance of the outbreak going into a second quarter is very slim.
The August 2014 edition of Financial Derivatives Company’s report on the Nigerian economy illustrated the immediate and potential aggregate economic impact of the outbreak of
the Ebola disease in Nigeria.

In the same vein, global rating agency, Moody, also announced that the outbreak of Ebola in Nigeria could lead to disruptions in some sectors of the economy, with negative financial
consequences.

The 2014 Ebola outbreak is adjudged the worst to date, affecting Guinea, Sierra Leone, Liberia and Nigeria.
On August 8, World Health Organisation (WHO) declared the latest Ebola epidemic to be an “international public health emergency,” which has the effect of mobilising global resources to combat it.

Source:
Tribune

Nigeria's Economy At Risk Due To Stigmatization and Discrimination From Ebola –LCCI

The Lagos Chamber of Commerce and Industry, LCCI, has expressed fear that Nigeria’s economy may be at risk going by the stigmatisation the Ebola Virus Disease, EVD, has put on the country. It also said that the current international isolation and unwarranted discrimination against the Nigerians travelling abroad might impact the economy of the country negatively.

The LCCI in a statement yesterday by the President, Alhaji Remi Bello, urged the business community to support the current efforts by governments aimed at controlling the spread of the deadly disease in the country. “There is currently the risk of international
isolation, stigmatisation and unwarranted discriminatory practices against the citizens travelling
outside our shores. This has grave consequences for the economy and the citizens,” Bello said. The chamber
has commended the governments on the measures taken so far to contain the spread of the disease.

Although it regretted the outbreak of EVD in the country, saying the incident was avoidable but for the failure of the country's system which could not stop the Liberian-American, Patrick Sawyer, the carrier of the virus, from gaining entry into the country.

"Nevertheless, we note with satisfaction the measures taken so far by the federal and state governments to contain the spread of the Ebola Virus Disease in the
country,” the chamber stated.

Bello, therefore, appealed to the private sector and the citizenry to also, in demonstration of their support for nationwide initiatives being undertaking to curb the spread of the disease, comply with protective measures as advised by the health authorities.

“We urge the business community and the entire citizenry to support the current efforts at containment of the disease. Given the way it came to Nigeria, current scope of the spread and the containment strategies, we are confident that before long, the situation would be fully brought under control.

“We urge all citizens to comply with protective measures as advised by the health authorities with regard to body contacts, general hygiene and making prompt reports of suspected cases,” he said. According to him, as the containment measures progress, the imperative of discretion in information management needs to be underscored just as care should be taken not to escalate the Ebola crisis beyond the reality of its occurrence. He noted that the Ebola hype had created a disproportionate panic, anxiety and scare, projecting the country as endemic Ebola zone.

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