To state that the ravaging coronavirus pandemic has caused a lot of disruption to every facet of life whether family, socioeconomic, workplace, etc, is an understatement. However, one area it has had major disruptions is in the world of work. While people grapple with the bitter pills, it is however instructive to note that the situation presents new vistas of opportunities for many new and existing businesses.

New industries built around COVID-19

Expectedly, huge industries have been built around COVID-19. Speaking with a cross-section of experts drawn from all walks of life, they shared different perspectives.

Waxing philosophical, Prof Akpan Ekpo, Professor of Economics and Public Policy, Department of Economics, University of Uyo, said every crisis presents opportunities hence the present COVID-19 pandemic also provides space for new businesses and old businesses to adjust with the current realities.

The new businesses, he stressed, could be from small-scale to medium-type such as the production of face masks of different types, ventilators, and other protective equipment.

Existing factories or companies could adjust or transform their businesses to invest in the new opportunities, he added.

“Another crucial area of business would be the search for a vaccine and/or cure of the virus. This would involve research institutes, pharmaceutical industries etc. For this type of business to succeed, it would take at least four to five years to break even. It is for this reason that research into vaccine depends on funding from government and/or development partners,” the don stressed but added a caveat, “Businesses that I have mentioned earlier must carry out feasibility studies to determine market size, cash flow, capital requirements and break-even period.”

Once a business carries out the necessary feasibility studies which should include manpower requirements then formal training may not be necessary, he said.

One man who should know about trending businesses is Frank Onyebu, Chairman, Manufacturers Association of Nigeria (MAN), Apapa Branch.

Onyebu, who is an engineer, said one area that offers a lot of promise is information and communication technology (ICT).

According to him, with majority Nigerians first adapting to use of ICT to perform their jobs, this means that ICT business would experience boom in this period and beyond.

Another business that will receive a major boost, Onyebu revealed, is the pharmaceutical sector and its value chain.

“We are going to see a lot of investment in the pharmaceutical sector, because the reality has shown that we cannot depend on foreign countries for medicine, which has just played out that with the whole world shaking, China could not produce for the world until it found its own solution before looking at other countries of the world.

“Generally there is going to be a lot of automation, every business that is related to food, because people must eat food. We would see a lot of investment in the area of food production, food processing as well as agro-allied industries, which also include the agriculture value-chain. However, Nigeria with the population of over 200 million is a large market for any business to thrive, and also the country has all it takes to grow food, process and export to African countries. So these are the sort of changes I am expecting in this era,” he maintained.

Dr. Timothy Olawale, Director General, Nigeria Employers’ Consultative Association (NECA) is also onn the same page with Onyebu.

He said there is a rise in business innovation via the adoption of e-commerce as part of business operations. “Tens of jobs will also be created as they partner with operators in the restaurant hospitality, pharmaceutical, essential daily needs sectors as a result of increased demands for these essential needs during and post COVID-19.”

COVID-19 a blessing in disguise

Some of the respondents who spoke to our correspondents hold the view and very strongly too that COVID-19 has its positive sides.

One such school of thoughts is Dr. Olukunle Iyanda, the novel coronavirus has altered lives and also expected to significantly alter the way of doing business and other social interactions.

Iyanda, who sits atop as CEO BROOT Consulting, said, “Post COVID-19 will bring in the next normal which we are already seeing in the area of telehealth, online learning, virtual meetings, e-commerce, logistics, deliveries, etc. The world will become more digitalised, countries will continue protect their borders from public health perspectives, this will lead to different challenges but will also create opportunities in the areas mentioned above. It is therefore important that individuals retool and reskill so that effort at self-development is directed towards those emerging areas.”

According to him, COVID-19 is creating job opportunities hitherto not available. “Our youth who are creative and tech savvy are expected to have opportunities to establish their own businesses or get job in the emerging business since most of the millennia are digital native. Another pro is the fact that customer will become more informed and will only be loyal to organisation that give them the best experience.”

He said the cons of the new normal is skill displacement, anyone who failed to retool their processes and upgrade their skill will get displaced. Emphasis will also move towards soft skill as against the hard skill which has hitherto dominated the hiring process. I advise companies to create value that resonate with the people and give them good experience.”

In the view of Dr. Benneth Eze of the Department of Business Administration, Hallmark University, “COVID-19 pandemic has really shown us that a lot of business activities can be done remotely. Going forward, it will be difficult for business entities to survive without embracing the power of the internet. This is the time to go digital, irrespective of what you do, either trading, rendering services or manufacturing.”

Expatiating, he said, “Most of the opportunities that will emerge post COVID-19 will extensively adopt the digital platform. For example going digital by selling your goods and services online. There will be huge opportunity for e-commerce in Nigeria post Covid-19. There will also be huge opportunity for e-learning, as Nigerians have started getting accustomed to virtual learning as a result of the lockdown. Furthermore, there will be a boost in online gaming business activities post COVID-19. Video conferencing or telecommuting will equally do well.”

These businesses, he maintained, tend to generate huge profits as well as create employment opportunities for content developers and contribute to the nations GDP.

He also added that some universities and training centre are already providing trainings on web development, software and application development. However, most universities, polytechnics, monotechnics and colleges of education in Nigeria lack the capacity to provide the required skills set for the emerging businesses

For Mr. Adebola Adeleye who owns a transport line with a digital communication and media business, the only option he fell back on was the digital communication arm of his business during the lockdown. As such, he says, that is one area that holds a lot of promise for economic growth.

“Our transportation line has been grounded for now because of the restriction of movement so it hasn’t been bringing in money to the company so we had to park the vehicles and pay the drivers off. So we dusted out digital communication and media business and started attending to clients.”

More SMEs will thrive

According to Juliet Nneka Nwaeme, teacher, entrepreneur and Founder, Adaobi Caring Hands Foundation, “A lot of SMEs will receive a boost post pandemic. It’s not as if other big businesses will cease to exist or thrive but because we do not know exactly when all of this will be over. Presently, a lot of businesses will continue to be done from home. This is possible because of the need for social distancing and other precautionary measures put in place to minimise the spread of COVID. Some of these businesses are not new but a lot has changed in the way they are operated since the outbreak of the COVID.”

Specifically, she said, some of the businesses that would gain traction would be ICT-centric. “Online/virtual School- Students now study at home with the aid of technology as well as online medical consultancy, digital marketing/online retailing, pharmaceutical products. There is a great opportunity for expansion as long as the business is doing well. Profit will be ploughed back into the business and more hands will be needed, thereby, creating employment opportunities. All that is needed to be eligible is passion, enthusiasm, hard work and special skill or training where needed,” she stressed.

Citing a Forbes report, she also reckons that human resource experts would be favourably disposed to accepting recruits who have the ability to adapt and be flexible, tech savvy, creative, leadership quality and emotional Intelligence.

She is also optimistic that schools, universities and other institutions can produce graduates who will be productive and self-reliant. “This can only be possible if entrepreneurship and skills acquisition becomes a compulsory part of education at all levels.” (Text, excluding headline, courtesy of The Nation)

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