The coronavirus, COVID-19, which originated in Wuhan, China, is
spreading around the world with such speed that the World Health
Organization (WHO) has declared the outbreak a pandemic. In its
wake, travel restrictions have been imposed by a number of
countries, including Nigeria. Flights, hotel bookings, conferences,
sports events and much more have been cancelled. Schools have been
shut whilst some state governments have banned any religious
gatherings with more than fifty worshippers. Global stock markets
are crashing while central banks are lowering interest rates and
taking measures reminiscent of the 2008 financial crisis.
The pandemic has also taken its toll on businesses and their
ability to perform their contractual obligations. A lot of
businesses are scampering to find out whether or not they will be
held liable for non-performance caused by the pandemic.
