Nigeria: Post-COVID-19 Lockdown - 87% of Nigerian Firms Face Funding Hurdles

The National Bureau of Statistics (NBS) has reported that 87 per cent of non-farm businesses have difficulty raising funds to remain in business after the lockdown declared by government to curb the spread of COVID-19 pandemic nationwide.

The Bureau in a report published yesterday indicated that the most widely reported challenges faced by non-farm businesses included difficulty raising money (87 per cent of households owning non-farm businesses), difficulty buying and receiving supplies and inputs (77 per cent), and difficulty selling goods and services (70 per cent).

The official statistics data producing and reporting agency stated that between May and June, the share of respondents working increased in both urban and rural areas, reflecting the easing of the lockdown measures in the country.

"The commerce and services sectors - those hardest hit by the COVID-19 crisis - as well as the agricultural sector experienced the largest recoveries in the share of respondents working. Those engaged in non-farm household businesses reported facing challenges associated with COVID-19," the report stated.

The report showed that around 38 per cent of households that engaged in agriculture reported having to modify their farming plans due to COVID-19; out of these, 52 per cent reported reducing the area they planted, 30 per cent planted crops that take less time to mature, and 25 per cent reported delaying planting time.

The report showed that in June, 30 per cent of households experienced severe food insecurity due to lack of money and other resources.

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