A report by the National Bureau of Statistics showed that an estimated 20% of working Nigerians lost their jobs due to the impact of the pandemic. The disruption in movement also affected many other sectors.
Nigeria’s unemployment rate currently stands at 33.3% and according to experts is pushing the 40% threshold. The resultant effect is heightened poverty and mass brain drain by the young working-class amongst others.
The Federal Government recently launched a Nigerian Youth Employment Action Plan (NIYEAP) to create 3.7 million jobs over the next three years. It may not be able to squelch the rising rate of unemployment in the country.
Employees were not the only ones hit hard by the pandemic, at least 600 businesses reportedly shut down due to operational losses, while 80 percent of businesses decreased in production.