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.