COVID-19 pandemic created surge in business opportunities – Experts

The coronavirus (COVID-19) pandemic, according to medical experts, has resulted in an increase in medical business opportunities.

Experts stated this at the December breakfast meeting of the Nigerian-American Chamber of Commerce (NACC) in Lagos, which was themed “Looking Forward: Economic Growth Opportunities in a Post-COVID World.”

According to Mr Kenneth Okolie, Managing Director of Synlab Nigeria Ltd., the number of laboratories testing for Polymerase Chain Reaction (PCR) in the country has increased by about 60%.

He claims that prior to the pandemic, samples for those tests were flown abroad, resulting in a loss of tangible foreign exchange and underutilization of laboratory manpower.

Okolie stated that COVID-19 resulted in increased demand in health, technology, trade, and other sectors 15 months later, resulting in increased economic growth due to investments in those sectors.

He urged Nigerian businesses to keep abreast of existing and new opportunities created by the pandemic and its mutating variants in order to meet demand.

“Economic growth is driven by two main factors: demand and supply, and the pandemic has resulted in an increase in demand across sectors, especially as economies around the world reopen.”

“Now is the time to innovate from the lifestyle and behavioral changes brought about by the new types of COVID-19 demands, and you must recognize the trends and seize the opportunities that arise.”

“You must also organize yourself to pay attention to trends, changes in policies brought about by climate change and others,” he said.

Okolie urged Nigerians to embrace pharmacogenetics, a medical procedure that allows for the investigation of a patient’s genetic profile in order to determine drug compatibility.

This, he claims, will allow doctors to optimize and personalize medications for more effective treatment.

Despite the world’s shift away from oil, Dr Ola Brown-Orekunrin, Managing Director of Flying Doctors Nigeria, predicted that the Nigerian economy would grow moderately in 2023 as a result of high oil prices.

Brown-Orekunrin went on to say that the COVID-19 pandemic would become more common as PCR testing became more widespread around the world.

“There will also be stability or an increase in the dollar rate, so I will advise people to consider investing in companies that generate dollars or have products that deal with dollars.”

“We would also see more people using crypto currency around the world, and technology in Nigeria would grow, creating more opportunities for those interested in the digital space,” she predicted.

Dame Adebola Williams, National President of the NACC, stated that the global economy had changed since the outbreak of COVID-19, presenting a plethora of opportunities and threats.

She urged businesses to seize the opportunities created by the pandemic in order to remain relevant, sustainable, and to contribute their fair share to economic growth and development.

“The world as we know it is rapidly disintegrating, as what we now have is the new normal.”

“In order to remain profitable, businesses must recognize these opportunities and leverage technology,” she said.