This is due to two other economic issues– rising inflation and low demand for products and services.
A food market in Ibafo in Nigeria’s Ogun State. The effects of COVID-19 on food systems will be keenly felt in poorer countries. [Photo - The Conversation]The foremost economic issue affecting Small and Medium Enterprises in Nigeria is the pressure to reduce prices, PricewaterhouseCoopers has said.
“Nigeria’s economy needs to be growing at an average rate of at least 5 to 7% to boost productivity and sustainable growth for businesses,” it said. It said the pandemic disrupted the supply of labour, especially daily wage-workers as lockdowns persist. “Uncertainty may dampen positive business sentiment and impede the commitment of resources to drive growth.”It advised businesses to take actionable steps to ensure health, safety and well-being of workforce to sustain productivity and ensure innovative feedback.
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