The Nationwide Bureau of Statistics and the United Nations Growth Program surveyed almost 3,000 companies within the formal and casual sectors in Nigeria.
In March, the NBS mentioned a 3rd of Nigeria’s staff have been out of a job within the fourth quarter of 2020, a state of affairs worsened by the pandemic.
“Whereas there have been promising indicators of restoration this 12 months, COVID-19 has had an outsized socio-economic impression on Nigeria,” the duo mentioned in a press release.
Companies complained about income declines, increased prices and an insufficient security internet for these within the casual sector, they mentioned, including that the disruption may depart a long-lasting impression on enterprises. Only some within the utilities, monetary and well being sectors reported features from the earlier 12 months.
The West African nation’s financial system, the most important on the continent, was hammered by the autumn in oil costs following disruptions brought on by the pandemic. The nation depends on crude exports for round 70% of presidency revenues.
The financial institution has mentioned that the COVID-induced disaster was anticipated to push over 11 million Nigerians into poverty by 2022, taking the entire variety of individuals categorized as poor within the nation to over 100 million. The overall inhabitants is estimated at 200 million.
