The year 2020 has witnessed significant events which have
resulted in a number of business disruptions. Globally, the COVID-19 pandemic has negatively
impacted, particularly, those in the travel and hospitality,
energy, manufacturing and trade industries. In Nigeria, for
example, domestic and international economic activities
significantly slowed down due to the nationwide lockdown aimed at
containing the COVID-19 pandemic.
Based on the National Bureau of Statistics' Gross Domestic
Product (GDP) Report for third quarter, 2020, Nigeria is officially
in a recession and as a response to this and the overall business
challenges occasioned by COVID-19, we are likely to see an increase
in corporate restructuring arrangements (such as mergers,
acquisitions, divestitures etc.) in the mid to long term as
businesses consider options to be more efficient and manage the
fallouts of the pandemic.
