“A conservative assumption that sampled business operators lost an average N500, 000 each day during the lockdown suggests that each operator lost N17.5 million within the five-week lockdown.”
have urged caution in the implementation of another exercise, noting that a significant proportion of small businesses in the formal sector lost over N2.7 billion in revenue.
Director-General of the chamber, Dr. Muda Yusuf, said the lockdown had a severe impact on over 50 per cent of businesses in the services sector. “A conservative assumption that sampled business operators lost an average N500, 000 each day during the lockdown suggests that each operator lost N17.5 million within the five-week lockdown . This modest estimation indicates that about N2.7 billion was lost in revenue by sampled businesses to the lockdown. This translates to trillions of naira losses for thousands of businesses operating in Lagos.
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