The Advertising subsector of the Nigerian economy may have lost billions of naira to the slow-down in business caused mainly by the dreaded COVID-19. The revelation came even as its foreign affiliates were believed to have recorded losses in businesses running into billions of dollars.
Speaking on this development recently in Lagos, the Acting Registrar of the Advertising Practitioners Council of Nigeria (APCON), Mrs. Ijedi Iyoha said the disease had impacted the industry negatively like every other sectors of the nation’s economy.
According to her, “businesses have understandably slowed down and people are conscious now and are acting as safety and hygiene demand”.
“Some advertising events have been cancelled and foreign advertisements are on gradual decline,” Iyoha said.
Recall that Omnicom CEO John Wren recently sent an email to the holding company’s 70,000 employees stating that it would be moving to a global work-from-home policy. Wren stressed that essential staff only were to go into the office – and they must “maintain the recommended social distance”.
Part of the memo reads: “We are asking for the support of our agency leaders to make certain our people work remotely and only essential staff go into the office. If you have not done so already, please ensure in the next day or so that you collect what you need to work from home. In addition, we are encouraging all of you to follow the guidance of national, local and city regulatory authorities.”
Since the outbreak of COVID-19 in Wuhan, China in December 2019 coupled with the recent declaration by the World Health Organisation (WHO) that the disease has become a pandemic worldwide, panic has enveloped the entire six continents of the world.
This has resulted in dramatic slowdown in economic activities as factories and businesses are closed as precautionary measures to curtail the spread of the disease.
Consequently, international crude oil price which had hovered between $56 – $60 dollar per barrel; before the outbreak of the disease, dropped drastically to about $24 dollars per barrel.
This has forced the Nigerian Government in particular to commence a review of its 2020 budget which was based on $57 per barrel oil bench mark.
