People Loose Their Jobs As private sector struggles amid COVID-19

People Loose Their Jobs As private sector struggles amid COVID-19

The National Bureau of Statistics (NBS) announced that the unemployment rate in Nigeria increased to 23.6 per cent, and last year underemployment deteriorated to 16.6 per cent.Unemployment can also get worse due to the impact of the coronavirus pandemic (COVID-19).

Experts also suggested that the pandemic has started to have a negative effect on the private sector, as many businesses struggle to survive.
The pandemic affects industries in developed economies, such as the US and the UK.For example, the U.S. Department of Labor recently reported in March that employers were cutting more than 700,000 jobs.

NBS statistics showed that last year there were more than 20 million Nigerians unemployed.Experts are concerned about possible job losses as a result of COVID-19 likely to make the situation worse.

Whilst the global challenge remains, Verraki Partners noted that business leaders should expect different recovery rates for different sectors and locations, adding that leaders will need to be agile in identifying and pursuing the opportunities posed by this crisis, including reserving 90 minutes, 10% of 15 hours daily for work to prepare the company for the future

In addition , the study further clarified that while nations continue to survive the storm, Nigeria’s national development indexes have plummeted.

In particular, it noted that four of Nigeria ‘s top trading partners and import sources — China, the United States, Spain , and the Netherlands, which accounted for an estimated 45% of its imports— have introduced lockdown strategies to controlCOVID-19 spread.

People Loose Their Jobs As private sector struggles amid COVID-19

 

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