- Ninety-seven percent of private businesses in Nigeria recorded losses during the Cobid-19 lockdown
- This was revealed in a survey conducted by Africa International Trade and Commerce Research in collaboration with other agencies
- Also, 87% of the companies surveyed said they have been negatively affected overall by the pandemic
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The coronavirus pandemic is negatively impacting Nigeria's economy as many companies are recording losses, especially due to the lockdown.
According to a survey conducted by Africa International Trade and Commerce Research, 97% of businesses in the country recorded losses during the lockdown while only three percent managed to break even, Premium Times reports.
Also, 87% of the companies surveyed said they have been negatively affected overall by the pandemic.
This is because majority of the countries where they source their products from were on lockdown while have many more have ceased operations.
Legit.ng gathers that the survey was conducted in collaboration with the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture and others.
The researchers captured data from 100 businesses across the country in the survey titled the National Survey Report on the Impact of COVID-19 on Nigerian Private Sector.
The development has led to job loss and pay cut for those who have managed to retain their staff.
The survey assessed the impact of the pandemic on medium and small scale businesses in Nigeria.
It was conducted between March 9 and April 10 through e-questionnaire and telephone.
According to the survey, only 13% said they have been “positively impacted” by the pandemic and they are in the health sector.
The report also indicates that the situation was worsened by the fact that 60% of the country’s private companies said they do not have any insurance policy or any risk management system.
To mitigate the impact of the pandemic, the report, among other things, suggested expanding the N3.5 trillion stimulus package rolled out by the CBN for households and businesses.
In a related development, a report by the National Bureau of Statistics (NBS) indicates that 42% of hitherto employed Nigerians lost their jobs due to the adverse impact of the COVID-19 pandemic.
The report which was published on Friday, June 5 was titled COVID-19 National Longitudinal Phone Survey (COVID-19 NLPS).
It stated that the impact on employment and income had been widespread as “respondents who were working before the outbreak reported that they were not currently working due to COVID-19.”
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