The NBS data indicated that over 20 million Nigerians were unemployed by last year. Experts fear looming job cuts as a result of COVID-19 would likely worsen the situation.
There are indications that private sector employers may have opted for job cuts to survive the effects of the coronavirus pandemic,The National Bureau of Statistics reported that Nigeria’s unemployment rate rose to 23.6 per cent and underemployment worsened to 16.6 per cent last year. Unemployment may also worsen due to the effects of the coronavirus pandemic.
“Goods are acquiring demurrage at the ports and many importers will simply abandon the goods – and many will go bankrupt,” Fasua said. “Rating agencies have downgraded Nigeria to B negative, almost the default zone, and the prognosis is not looking good at all. Foreign investors are restless right now,” Fasua said.
He said they were told that they would only receive half of their April salary, and what comes after that would be determined by the prevailing situation in the country. “I am not anticipating banks laying-off workers because of this virus, because the moment we have a clearer condition of health, I know there will be a run on the banks. Any bank that is going to lay-off people now, they are going to face the repercussion very soon. I am not expecting any bank in Nigeria to lay-off staff.
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