JUST-IN: 20% Of Nigeria's Workforce Lost Employment In 2020 - Report

Mirroring broader global movement towards e-commerce and direct distribution to consumers to reduce health risks and overcome hurdles imposed by pandemic restrictions, 15 percent of the enterprises expanded either products and services offered or their sales and distribution channels

The report, ‘The Impact of COVID-19 on Business Enterprises in Nigeria,’ also highlights the significant decline in revenue faced by enterprises and establishments across the country as a result of the pandemic. Close to 60 per cent of enterprises surveyed experienced an increase in operational costs with the price of raw materials and logistics being the top two contributors to this increase. Other operational challenges included access to credit and capital, high expenditure on utilities and the lack of an adequate social safety net, especially for informal enterprises.

Statistician-general of the federation, Dr Simon Harry highlighted the importance of the survey results saying that “as the economy begins to show signs of gradual growth, this report contains important information that can guide policy makers in their interventions to mitigate the negative socioeconomic impacts of COVID-19 in the country.

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