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Nigeria's leading finance and market intelligence news report.

A fifth of Nigeria’s workforce lost their jobs because of Covid

The coronavirus pandemic resulted in a fifth of Nigeria’s workforce losing their jobs, Nigeria’s National Bureau of Statistics and a Bloomberg report have said.

Read also: Nigeria unemployment could hit 40% by year-end

The cuts followed disruptions to supply chains, continuing supply and demand shocks, and a drop in consumer confidence, the agency said in a statement Tuesday, citing a study it conducted with the United Nations Development Programme.

About 60 percent of the almost 3,000 businesses surveyed reported that one in three of them knew of a company that had permanently closed down because of operational challenges resulting from the pandemic. Four-fifths of enterprises reported decreased production, it said.

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