The cost of the coronavirus outbreak for businesses is rising as the organised private sector explores measures to reduce the impact on the struggling local economy. The outbreak of the coronavirus is estimated to be costing the shipping industry $350 million weekly in lost revenues, according to the International Chamber of Shipping (ICS). To Smart, it was too early to say how much the virus outbreak will cost the insurance industry. The Nigerian Ports Authority (NPA) said the nation still received cargoes from China, adding that the system was enforcing strict preventive measures against the coronavirus. The development also has an effect on the Nigerian ports system with fewer vessels coming into the ports from the Asian country.

Source: The Guardian March 02, 2020 04:41 UTC