The Nationwide Bureau of Statistics and the United Nations Growth Program surveyed practically 3,000 companies within the formal and casual sectors in Nigeria.
In March, the NBS stated a 3rd of Nigeria’s employees had 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 yr, COVID-19 has had an outsized socio-economic impression on Nigeria,” the duo stated in an announcement.
Companies complained about income declines, greater prices and an insufficient security web for these within the casual sector, they stated, including that the disruption might go away an enduring impression on enterprises. Just a few within the utilities, monetary and well being sectors reported positive aspects from the earlier yr.
The West African nation’s economic 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 stated that the COVID-induced disaster was anticipated to push over 11 million Nigerians into poverty by 2022, taking the whole variety of individuals labeled as poor within the nation to over 100 million. The overall inhabitants is estimated at 200 million.