COVID-19 Threatening Lagos N100bn Event Industry
With over 20,000 events held annually in Lagos, the event industry in the state may lose over N100 billion as a result of the COVID-19 pandemic, the Managing Director of PEC Events and Services, Funmi Omoyele, has projected.
Omoyele, in a chat with Daily Trust, however, expressed optimism that the industry would bounce back, urging the government to reopen the industry as soon as possible.
She said, “As we look forward to re-opening the sector, the road ahead would be a bit rough for most industry players because the virus would still be very much around and we would have to deal with so many restrictions that affect businesses.
“Adjusting to this new reality, business owners and vendors would have to carry out comprehensive business health checks, review their business models and operations, create offerings that are suitable to the times and have a robust crisis management plan in place.”
She explained that the industry’s professionals had been collaborating with government “to work out and propose appropriate safety measures that would guarantee the safety of all stakeholders when the industry is re-opened.”
Omoyele further said following the ease of the lockdown which enabled people to move around, the situation “improved a bit” which allowed a lot more vendors to pivot their businesses to cater for small and closely-knit events at homes and offices while observing safety guidelines.
She added that, “As events centres remain shut, a huge part of the event industry would still struggle because physical events are actually what drive the industry as home parties would barely scratch the surface as far as the numbers are concerned.”
Noting that the industry, just like every other sector of the economy, was suffering from the impact of the pandemic, she appealed for support to every sector with tax reduction and rebate and stimulus packages for businesses.