Thursday, 19 March 2020


As COVID-19 ravages the world, creates panic and inflicts pains on people, a financial expert has warned that its effects on local and global economy may be worse than envisaged.

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Dr. Falil Ayo Abina, Chairman/Founder of AACS (Consulting & Principal Investments), who stated this while participating in the Commonwealth Africa Summit 2020 which was concluded in London at the weekend, said the “the effects of coronavirus on local and global economy will still be felt long after a cure is found for the disease.”

According to Dr. Abina in one of his presentations, “As the world battles with the uncertainty around the spread of the coronavirus, I am worried about the ‘economic pandemic’ it is causing, with markets crashing out of panic. Oil prices have declined from $70/ barrel at the beginning of the year to close to $30/ barrel on the back of declining demand and a glut in supply. When this is considered against a 2020 budget predicated on a benchmark of $57/ barrel in Nigeria, the full effect of the ‘economic pandemic’ starts to be even clearer. This may well prove an even larger challenge in the long run.”

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The AACS chairman, who spoke on Thoughts on the Way Forward for Africa in 2020, said despite the many challenges of the continent, it could not afford to rest in the comfort of the status quo. “Instead, we must strive to improve productivity and the overall quality of life across the continent. We must come up with disruptive solutions, create the underlying capacity to bring them to life, and push ourselves to lead in 2020 and beyond,” he added.

He, however, noted that despite significant uncertainty, the African continent is positioned for growth in 2020, adding “living up to this expectation will require African nations to simultaneously execute on outward and inward strategies.” (The Nation)

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