Economy

Coronavirus: Nigeria estimates 39.4m job losses by end of year

 

 

 

A team, the Committee on Economic Sustainability Plan led by the Vice President of Nigeria, Professor Yemi Osinbajo charged with developing Nigeria’s economic recovery plan from the coronavirus pandemic says about 39.4 million people could be jobless by the end of 2020, if government fails to act.

The Committee on Economic Sustainability Plan stated that the restrictions imposed to prevent the spread of coronavirus had mainly affected agriculture, manufacturing and tourism sectors.

It said the dip in the nation’s oil earnings would result in a $473m (£375m) shortfall every month.

The committee presented its economic plan to President Muhammadu Buhari on Thursday.

Among its recommendations is the rolling out of mass programmes that create jobs and and utilise local materials in agriculture, housing and road construction.

Nigeria’s Lagos, Abuja and Ogun states were put on lockdown that ended in May to prevent the spread of coronavirus.

The country has so far confirmed 14,554 cases of Coronavirus.

About the author

Joseph Chukwuma Oputa

Joseph Chukwuma Oputa is the Managing Editor of Maslow Businessnews and Physicians News publications published by Maslow Business News Publications, Lagos, Nigeria.

Joseph Oputa is a proud Alumnus of the prestigious Nigerian Institute of Journalism, Lagos and Federal Polytechnic, Bida, Niger State.

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