• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

COVID-19 has halted operation of 74.2% of businesses in Nigeria – NECA

MSME Africa by MSME Africa
June 26, 2020
in Business, Commerce & Industry, News
0
COVID-19 has halted operation of 74.2% of businesses in Nigeria – NECA

Taiwo Adeniyi, NECA Acting President

Share

74.2 per cent of businesses in Nigeria have stopped operating due to the Coronavirus pandemic, according to a recent research by the Nigeria Employers’ Consultative Association (NECA).

NECA’s Acting President, Taiwo Adeniyi, who made the disclosure at a news conference on Thursday in Lagos, also said 15.8 per cent of businesses were either fully on site or tele-working.

“Over 90 per cent of surveyed enterprises noted that limited cash-flow was an impediment to operations and over 90 per cent that demand for their goods and services had significantly reduced.

“The disruption of supply chains resulted in 78.2 per cent of enterprises having supply challenges as suppliers were unable to fulfill orders,’’ he said.

He commended the government at all levels for the efforts so far made to curtail the spread of the virus in the country.

According to him, the introduction of fiscal and monetary measures to ameliorate the impact (of COVID-19) on businesses and save the economy from further collapse was commendable.

He, however, noted with concern that organised businesses were basically left to face challenges.

“With many businesses closed down and many others on the verge of bankruptcy, we have urged the government to give attention and support to businesses to ensure their survival and competitiveness.

“With unemployment rate soaring high pre-COVID-19 and reaching an alarming rate during the pandemic period, it was expected that the necessary Job Retention Scheme as proposed by our association will be given adequate consideration but this was never the case.

“As full economic activities are on the brink, we, once again urge the government to take a second look at long term strategic support for organised businesses to enable an accelerated and sustained economic recovery,’’ he said.

Mr Adeniyi called for a coordinated approach by CBN, Federal Ministry of Finance, Budget and National Planning, Federal Inland Revenue Service and other agencies for effective implementation of fiscal and monetary policies.

He said: “These policies should ordinarily complement each other for the development of the national economy, rather than create bottlenecks for investment and business growth.’’

(NAN)

Post Views: 0
Share

Related Posts:

  • MSME Africa Unveils Top 50 Remarkable MSME Founders 2023, Awards them $25,000 in Media Credits
    MSME Africa Unveils Top 50 Remarkable MSME Founders…
  • Best Cities to live as an Entrepreneur in Nigeria
    Ultimate 2024 Guide to the Top Business Enabling…
  • Africa must prepare for the inevitability of a global food crisis - Akinwumi Adesina
    Overcoming Binding Constraints to Competitive…
  • aralepo
    What Entrepreneurs can do to stay alive post Covid-19
  • Khaled Sherif
    Regional Integration as a Tool for Wealth Creation in Africa
  • Microsoft-backed FAST Accelerator Announces 12 African Startups Selected for Artificial Intelligence (AI) Program
    Microsoft-backed FAST Accelerator Announces 12…
Tags: NECANigeria Employers' Consultative AssociationTaiwo Adeniyi
Previous Post

Assets Microfinance Bank marks 2nd anniversary, promises to do more for the unbanked population

Next Post

F-Lane Virtual Acceleration Program 2020 for Entrepreneurs- Call for applications

Next Post
F-Lane Virtual Acceleration Program 2020 for Entrepreneurs- Call for applications

F-Lane Virtual Acceleration Program 2020 for Entrepreneurs- Call for applications

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • OPEC+ Raises Production Quota by 411,000 Barrels per Day ,Piling Pressure on Naira
  • Nigeria’s Crude Export to US Increases After Dangote Lowered Production – Report
  • Cash in Circulation Slips as Nigerians Go Digital
  • Blue Sands STEM Lab Wins N2 Million Top Prize at MarkHack 4.0
  • NLNG Expands Train 7 Skills Programme to Boost Youth Participation

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2025
  • Otabor Osayomore Blessing on Ultimate 2025 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.