A report by the United Nations Development Programme (UNDP) Nigeria and the National Bureau of Statistics (NBS), says 20 percent of the full-time workforce in Nigeria lost employment during the COVID-19 pandemic in 2020.
The report, which assesses the impact of COVID-19 on business enterprises in Nigeria, is based on in-depth interviews with almost 3,000 businesses from both the formal and informal sectors across major industries of the economy.
The report also highlights the significant decline in revenue faced by enterprises and establishments across the country as a result of the pandemic.
It says Eighty-one percent of enterprises interviewed experienced a decline in revenue and 73 percent stated that they faced liquidity challenges due to secondary impacts of COVID-19 in 2020.
The median loss in revenue reported remained at 44 percent, in comparison to 2019 revenues.
According to the report, about sixty percent 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.
Data from the report suggests that businesses are likely to continue experiencing the impact of the pandemic even after the easing of public health measures.
Reporting by Annabel Nwachukwu; editing by Tina Oyinsan