20% Of Full-Time Nigerian Workforce Lost Employment In 2020 – Report

At least 20 per cent of the full-time workforce in Nigeria lost employment during the COVID-19 pandemic in 2020, a new report released on Tuesday has revealed.

The report tagged ‘The Impact of COVID-19 on Business Enterprises in Nigeria’, was jointly released by the United Nations Development Programme (UNDP) and the National Bureau of Statistics (NBS).

Based on in-depth interviews with almost 3,000 businesses from both formal and informal sectors across major industries of the economy, the report assesses the impact of COVID-19 on business enterprises in the country.

“While there have been promising signs of recovery this year, COVID-19 has had an outsized socio-economic impact on Nigeria,” it said.

“From disruptions in supply chains to ongoing supply and demand shocks and a drop in consumer confidence, these challenges are expected to leave a lasting impact on the businesses and enterprises that make up the backbone of the economy.”

The report also highlighted the significant decline in revenue faced by enterprises and establishments across the country due to the pandemic.

It indicated that 81 per cent of enterprises interviewed, experienced a decline in revenue and 73 per cent stated that they faced liquidity challenges due to secondary impacts of the pandemic in 2020.

Data from the report showed that the median loss in revenue remained at 44 per cent, in comparison to 2019 revenues while about 60 per cent of enterprises surveyed experienced an increase in operational costs, with the price of raw materials and logistics being the top two contributors to the increase.

Other operational challenges included access to credit and capital, high expenditure on utilities, and inadequate social safety net, especially for informal enterprises.

In addition, the report revealed that one in three business enterprises surveyed indicated that some businesses have permanently closed due to operational challenges resulting from the pandemic.

-ChannelsTv

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

No comments yet... Be the first to leave a reply!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: