Titled the 'National survey report on the impact of COVID-19 on Nigerian private sector,' the survey assessed the impact of the pandemic on medium
Offline training in session at SkillNG, but COVID-19 has taught the them to incorporate online learning in their business approach.A whopping 97 per cent of Nigerian businesses recorded losses during the lockdown over Covid-19 while 87 per cent said they have been negatively affected overall by by the pandemic, a nationwide survey has shown.
For the 87 per cent who saw red, the report said this is because “majority of the countries they source their products from were on lockdown and many more have ceased operations.” A quarter of the businesses that recorded losses said they incurred more than $2 million in revenue loss. This includes 20 per cent who said they recorded losses from $2 to $3 million and five per cent who lost $3 million and above.
More so, the report found that 72 per cent of the businesses surveyed experienced a contraction in job creation due to the pandemic, which has in turn resulted in them reducing staff strength.not less than four in every ten Nigerians who were working before the outbreak of coronavirus in the country lost their jobs due to the impact of COVID-19, in April.
“The absence of a risk management system is perceived to be among the strongest reasons for the sudden flop of many of the private sector businesses,” the report said. “This explains the dominant position of China in the country’s supply chain and it partly reveals the low level of trade between Nigeria and other African countries,” the report read.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Zamfara plans statewide aerial fumigation to check Covid-19Zamfara government plans a statewide aerial fumigation in efforts to contain spread of the coronavirus pandemic.
Read more »
Naira Marley Faces Backlash For Holding Concert Amid COVID-19 Restrictions'The number of people at the concert Naira Marley performed in shows that a lot of people don’t believe Coronavirus is in Nigeria. Both the federal government and NCDC have not done enough to prove otherwise.' NairaMarley Nigeria Coronavirus NCDC
Read more »
Chile's health minister resigns as pandemic hits hardChile's health minister resigned Saturday as the coronavirus pandemic is hitting the country hard despite a quarantine in place in the capital
Read more »
Macron says France has scored its 'first victory' against virusPresident Emmanuel Macron said Sunday that France had marked its first victory in the fight against the coronavirus pandemic, ending much of its lockdown
Read more »
Nigeria’s salon of skepticsWhen public confidence is not reposed in public institutions, a national nightmare ensues. As the coronavirus pandemic has sawed deeper
Read more »
Nigerian govt rolls out steps to assist MSMEs amidst coronavirusThe federal government has rolled out fresh tracks through which it will support micro, small and medium enterprises (MSMEs) in Nigeria.
Read more »