COVID-19 and Its Sweeping Effect on Businesses in Nigeria: Lessons for the Future

Abstract

The impact of the Coronavirus disease 2019 (COVID-19) pandemic is being felt in all spheres of human life. From everyday socialization to work to religious and commercial activities, no aspect of human interaction as we know it is spared; neither is any economy across the world. For Nigeria, the case is no different. With the COVID-19 pandemic, we continue to witness more inclination to adopt information technology in workplaces, especially as many firms have adopted a Work-From-Home policy. On the other hand, staff have been, and continue to be, laid off as businesses grapple with dwindling revenue. In this article, we examine some of the recent pandemic- induced changes in the world of work; the adoption of increased use of information technology resources in businesses and everyday life; termination of employment contracts; and the heightened attention by lawyers and clients to an often neglected but essential clause in commercial transaction documents – the force majeure clause. We conclude that the pandemic has had devastating consequences for business financing and employment in Africa’s biggest economy and, indeed, across the globe. There are, however, a few fundamental changes brought about by the pandemic, which are beneficial and should continue post- COVID-19. Information Technology, COVID-19, Pandemic, Employment, Commercial Transactions