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news you can trust I ** wednesDAY 10 june 2020 I vol. 19, no 581
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NGUS may 26 2021 419.50
Unemployment rate may reach 40-45% by end 2020, says LCCI
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igeria may be facing its worst unemployment crisis since independence as helpless employers retrench millions of
workers due to the pervasive impact of COVID-19 on their margins. Weeks of lockdown have hiked logistics costs for employers, forcing reductions in output, revenue and profits. Bars and clubs are still under lock and key,
pushing brewers to the brink while hurting their capacity to retain workers. Firms struggle to move their products to customers as many open markets across Nigeria remain partially open. Movement of raw materials and finished goods is increasingly
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NGUS may 31 2023 492.57
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Nigeria faces acute job losses as COVID-19 incapacitates employers ODINAKA ANUDU & JOSHUA BASSEY
3M 0.00 4.34
I&E FX Window CBN Official Rate ($/N)
fgn bonds
Treasury bills
being restricted by states and security agents, preventing them from reaching their markets. Consumer wallets are becoming emptier due to lack of regular salary payment and loss of profContinues on page 31
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30 Y 0.06
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NGUS may 28 2025 578.37
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These numbers show Nigeria’s poor outing among West African countries in COVID-19 fight MICHAEL ANI
N
igeria has some of the worst coronavirus statistics among countries of the Economic Community of West African States (ECOWAS), according to data published by the West African Health Organisation (WAHO), a specialised institution in the region responsible for health issues. Among the 15-member countries of ECOWAS, Nigeria, which has about half of the region’s population and accounts for over 70 percent of regional GDP, has recorded far more number of infected cases and deaths, as well as a low number of people who have recovered from the virus, BusinessDay analysis of the data published on Monday shows. This is an indication that Africa’s largest economy needs to step up its game in the fight against the coronavirus pandemic. Nigeria with a total of 12,486 confirmed cases of the virus has recorded 3,959 recoveries (or Continues on page 31
Inside
Basheer Mohammed (r), federal commissioner, National Commission for Refugees, Migrants and Internally Displaced Persons (NCFRMI), at the launch of #FaceMasksByIDPs campaign at Durumi IDPs Camp in Abuja, in collaboration with The Skilled Women Initiative, to protect Internally Displaced Persons (IDPs) from COVID-19 while providing sustainable livelihoods for women in IDP camps. NAN
FMDQ, FSD Africa, CBI hold session on green financing opportunities for P. 30 agribusiness