Manufacturers sack over 4,400 staff in one year despite CBN intervention of over N1trn to create jobs

Manufacturers sack over 4,400 staff in one year despite CBN intervention of over N1trn to create jobs

  • In one year, Nigerian manufacturing companies were forced to sack over 4400 of their employees
  • Manufacturing in Nigeria is an economic sector that brings approximately 10 percent of total GDP
  • Because of the sector's importance to Nigeria's economy's growth, the CBN has made several interventions of over N1 trillion

The Manufacturers Association of Nigeria (MAN) has revealed that Nigerian manufacturers across the country sacked a total of 4,451 employees in 2021.

MAN revealed this in its half-yearly review of the economy report on Thursday.

According to the association, this is in addition to 11,949 job losses recorded in the manufacturing sector in 2020.

Manufacturers sack over 4,400 staff CBN
President Buhari says he is determine to create jobs for Nigerian youths Credit: Presidency
Source: Facebook

The news will come as a big blow to President Muhammadu Buhari's promise to lift 100 million Nigerians out of poverty through job creation and economic diversification.

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In the project, which will last for 10 years, Buhari had said that Nigeria can accomplish the feat because China, India and Indonesia had done the same.

In his speech to mark June 12 Democracy Day, President Buhari reiterated his determination to create jobs for Nigeria's teeming population.

Details of MAN report

However, according to MAN, a total of 16,110 direct jobs were created in 2021 as against 8,692 jobs recorded in 2020, Businessday reports.

It said:

“The net job created in the sector in 2021 stood at 11,659 while net job losses in 2020 was 3,257. The trend thus shows that manufacturing job is also rebounding following the gradual return of economic activities in the sector after a year onslaught brought by COVID-19 pandemic."

CBN pumps trillions to manufacturing sectors

CBN considers the manufacturing sector as critical to the economic growth of Nigeria and in its last Monetary Policy Meeting for May revealed that more money has been disbursded in its under the N1.0 trillion Real Sector Support Facility (RSSF).

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CBN statement reads:

"To support the growth of the manufacturing sector Cumulative disbursement under the RSSF for the financing of 402 real sector projects across the country currently stands at N2.10 trillion."

CBN Reveals 488,000 eNaira wallets Downloaded, 78,000 merchants registered globally

In another report, the Central Bank of Nigeria (CBN) has revealed in the last 24 days 488,000, consumer wallets and about 78,000 merchant wallets have been registered with downloads coming from over 160 countries.

CBN also revealed that 17,000 transactions amounting to over N62 million with the average transaction being about N3,800 each were recorded as well.

The apex bank stated this at a Masterclass with the theme: Central Bank of Nigeria Interventions as Fulcrum for Economic Diversification’, an event organised by the Centre for Financial Journalism in Lagos.


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