From Isaac Anumihe, Abuja

National Bureau of Statistics (NBS), yesterday, disclosed that over 20 per cent of the populace lost their jobs in 2020 due to the effect of   COVID-19 pandemic.

This was contained in a combined report of United Nations Development Programme (UNDP) and NBS in Abuja.

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.

While there have been promising signs of recovery this year, COVID-19 has had an outsized socio-economic impact on Nigeria.

From disruptions in supply chains to ongoing supply and demand shocks and a drop in consumer confidence, these challenges are expected to leave lasting impact on the businesses and enterprises that make up the backbone of the economy.

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The report, entitled:6 ‘The Impact of COVID-19 on Business Enterprises in Nigeria’, also highlights the significant decline in revenue faced by enterprises and establishments across the country as a result of the pandemic.

Eighty-one per cent of enterprises interviewed experienced a decline in revenue and 73 per cent stated that they faced liquidity challenges due to secondary impacts of COVID-19 in 2020. The median loss in revenue reported remained at 44 per cent, in comparison to 2019 revenues.

“Close to 60 per cent 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.

“In addition, the report shows that one in three business enterprises surveyed indicated that they know of businesses that have permanently closed due to operational challenges resulting from the pandemic” the report stated.

The Statistician General of the Federation, Dr. Simon Harry, highlighted the importance of the survey, saying “as the economy begins to show signs of gradual growth, this report contains important information that can guide policy-makers in their interventions to mitigate the negative socio-economic impacts of COVID-19 in the country.