20% of Nigeria's Workforce Lost Jobs to Covid-19
The United Nations Development Programme and the National Bureau of Statistics, has said that 20% of Nigeria's full-time workforce lost employment during the Covid-19 pandemic in 2020.
The report, "The Impact of Covid-19 on Business Enterprises In Nigeria", surveyed 3,000 businesses across both formal and informal sectors in urban and rural areas. It highlighted the devastating impact the pandemic has had on the nation's unemployment rate.
The report found that many businesses, particularly informal ones, said they had difficulty accessing credit and capital to keep their doors open, with many owners having to rely on personal savings, family, and social networks to stay afloat.
Prior to the Covid-19 outbreak, the Nigerian economy faced a lingering crisis for years with inflation reaching a four-year high by February 2021. The coronavirus pandemic that hit in 2020, slashing the country's oil revenue and lead to businesses shutting down and the retrenchment of employees.
In January 2021, Nigeria launched a much-delayed programme that promises to provide jobs for more than 750,000 young people amid worsening youth unemployment. Experts say the number of people looking for employment will keep rising, as population growth continues to outpace output expansion in Nigeria.