Nigeria's Unemployment Figures Worsen as Report Reveals list of 50 Companies to Have Shut down In 5yrs

Nigeria's Unemployment Figures Worsen as Report Reveals list of 50 Companies to Have Shut down In 5yrs

  • A report has revealed that over 50 Nigerian companies in the last five years have left the country
  • The companies could no longer deal with the constant disruption in power supply and also difficulties getting forex to import raw materials
  • The loss of the manufacturing companies could further compound the unemployment in the country

A report from the Punch Newspaper has revealed that over 50 manufacturing companies have shut down in the last five years.

It was noted that the major reason the companies left were due to poor power supply and also difficulties getting dollars for import.

The manufacturing companies remain one of the highest employes of Labour in the country.

Unemployment, Companies Shutdown
Male factory worker in an aluminium processing plant. Credit: JohnnyGreig
Source: Getty Images

Unemployment in Nigeria

Data from the National Bureau of Statistics Nigeria showed as at the end of 2020, the unemployment rate rose to 33.3 per cent, translating to some 23.2 million people, the highest in at least 13 years and the second-highest rate in the world.

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What this means is that one in three Nigerians able and willing to work had no jobs in the country.

In fact, the World Bank reported that an estimated 7 million Nigerians were below the poverty line in 2020 alone.

Companies that has shutdown

Some of the manufacturing companies that have exited the industry is led by Procter & Gamble and GlaxoSmithKline, Surest Foam Limited, Mufex, Framan Industries, MZM Continental, Nipol Industries, Moak Industries, and Stone Industries.

Others are: Solo Industries, Quick Born Industries, Supercor Industries, Arabi Industries, and Rola Industries.

Peak Aluminium, Phonenix and Wise Machine Industries are no more functional.

Louis Carter Limited, Sky Aluminium, Grief, Errand Products, Technoflex, Gorgeous Metal, Mother’s Pride, including the Industrial and Foam Equipment, Deli Foods, Universal RubberErrand Products, Technoflex and Universal Rubber.

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These industries are located in Lagos, Ota (Ogun State), Agbara(Ogun State), Jos (Plateau), Bauchi, Kano, Nnewi (Anambra State) and other parts of Nigeria.

30 million Nigerians unemployed before Buhari

Meanwhile, Legit.ng had reported that Femi Adesina, the special adviser on media and publicity to President Muhammadu Buhari, on Sunday, March 28, said about 30 million Nigerians were unemployed before President Muhammadu Buhari took over office.

The presidential spokesman made the disclosure in reaction to comments made by former vice president Atiku Abubakar that Nigerians need to help the president

Adesina while defending President Buhari explained that the recent report released by the National Bureau of Statistics that 23.2 million Nigerians are unemployed was not new.

Source: Legit.ng

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