Business
20% of Nigeria’s workers lost jobs in 2020 – NBS
At least two of 10 employed Nigeria lost their jobs last year due to the COVID-19 pandemic in 2020, a study by the National Bureau of Statistics has shown.
This study, it said on Tuesday, was conducted in conjunction with the United Nations Development Programme (UNDP).
The report, which centred on the impact of COVID-19 on business enterprises in Nigeria, interviewed almost 3,000 businesses from the formal and informal sectors across major industries.
According to the report, the pandemic affected the nation’s workforce and caused an increase in the unemployment rate — moving from 27 percent to 33 percent between Q2 2020 and Q4 2020.
The report read in part, “While there have been promising signs of recovery this year, COVID-19 has had an outsized socio-economic impact on Nigeria.
“Businesses resorted to laying off employees to survive, and shutdowns of enterprises severed crucial livelihood lines for households that depended on them for income, coupled with the lack of new business opportunities and reduction in capital investment further limiting new job prospects.
“Prior to the COVID-19 outbreak, the median full-time staff strength of formal and informal enterprises stood at 12 and five, respectively.
“During the pandemic, these figures declined and stood at ten and four for formal and informal enterprises, respectively. Across the sample, this results in 20 percent of the initial full-time workforce losing their jobs during this period.
“Among the formal enterprises, this figure is slightly higher at 21 per cent compared to 15 per cent among informal enterprises.”
The report added that while 58 per cent of businesses maintained staff strength, 28 per cent lost up to 50 per cent of their initial workforce, with the remaining 14 per cent losing more than 50 per cent of their initial workforce.
It added that the informal enterprises were more affected, resulting in 62 per cent of the total job losses.
At the unveiling of the report, the NBS boss, Simon Harry, said the survey results were very important as they contained important information that could guide policymakers in their interventions to mitigate the negative socio-economic impacts of COVID-19 in the country.
Nigerian UNDP Resident Representative, Mohamed Yahya, said that the report findings highlighted the complex challenges the economy had continued to face because of COVID-19.
He said that it also raises awareness into the ramifications of the pandemic on the business environment in Nigeria, including its impact on production, sales, revenues and the labour force, with details that were far more granular than were normally available and offering critical insight into where interventions should be targeted
Railway
BREAKING: Several Passengers Injured as Abuja–Kaduna Train Derails After Collision
BREAKING: Several Passengers Injured as Abuja–Kaduna Train Derails After Collisio
Several passengers were injured on Monday after a train travelling along the Abuja–Kaduna rail corridor derailed following a collision, authorities have confirmed.
The incident reportedly occurred near Asham along the busy rail line linking Abuja with Kaduna State, causing panic among passengers onboard the train.
The Managing Director of the Nigerian Railway Corporation (NRC), Kayode Opeifa, confirmed the development, stating that emergency response teams were immediately deployed to the scene following the derailment.
According to preliminary reports, the train derailed after colliding with another object on the track, though officials have yet to disclose full details about the circumstances surrounding the accident.
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Several passengers sustained injuries during the incident and were evacuated to the medical facility at the Idu Railway Station for treatment. Authorities, however, said no fatalities had been recorded as of the time of filing this report.
Eyewitness accounts and videos circulating on social media showed damaged train coaches and railway personnel assessing the situation while stranded passengers gathered near the tracks after disembarking from the train.
The Abuja–Kaduna rail corridor is one of Nigeria’s busiest passenger routes and serves thousands of commuters daily, particularly travellers seeking a safer alternative to road transportation.
Officials of the Nigerian Railway Corporation said investigations have commenced to determine the exact cause of the collision and derailment.
More details are expected as authorities continue rescue operations and assess the extent of the damage.
BREAKING: Several Passengers Injured as Abuja–Kaduna Train Derails After Collision
Business
NAJA to Tinubu: Guarantee crude supply to local refineries to tame petrol prices
NAJA to Tinubu: Guarantee crude supply to local refineries to tame petrol prices
The Nigeria Auto Journalists Association (NAJA) has urged President Bola Tinubu to ensure steady supply of crude oil to domestic refineries, particularly the Dangote Refinery, as part of measures to reduce the impact of rising petrol prices.
The association said prioritising crude allocation to local refineries would help Nigeria reduce its exposure to global energy shocks currently driving up fuel costs amid tensions in the Middle East.
The call came days after the Federal Government unveiled a plan to distribute 100,000 Compressed Natural Gas conversion kits nationwide to encourage motorists to switch to alternative fuel and reduce dependence on petrol.
While describing the CNG initiative as a positive step, NAJA stressed that strengthening domestic refining through reliable crude supply remains a more sustainable solution to Nigeria’s fuel pricing challenges.
NAJA Chairman, Theodore Opara, said the government should adopt policies that allow local refineries to obtain crude directly from the Nigerian National Petroleum Company Limited (NNPC), preferably in naira.
According to him, the current arrangement—where the Dangote Refinery imports a large share of its crude—leaves the facility vulnerable to global supply disruptions and price fluctuations.
“Dangote Refinery imports most of its crude, hence it is exposed to the effects of the ongoing crisis in the Middle East,” Opara said. “Direct crude supply from the NNPC will strengthen the country’s long-term energy diversification strategy and reduce exposure to international supply shocks.”
He noted that despite being Africa’s largest crude oil producer, Nigeria still depends heavily on imported refined petroleum products, a situation that continues to expose the economy to volatility in the international oil market.
Opara argued that allowing domestic refineries to source crude locally and transact in naira would not only stabilise the downstream petroleum sector but also reduce pressure on the local currency.
“If Nigeria’s major refineries, including Dangote, receive crude locally and transact in naira, the country will reduce its vulnerability to global market disruptions,” he said.
He added that while the government’s CNG programme could provide relief for motorists in the medium term, ensuring optimal operation of domestic refineries would deliver quicker and more far-reaching benefits for fuel pricing.
“CNG is a good transition policy for transportation, but the backbone of Nigeria’s fuel supply must still come from efficient domestic refining,” he said.
Industry analysts say a coordinated strategy that combines the CNG initiative with strong support for domestic refining could help shield Nigerian consumers from the impact of international oil market volatility.
Business
Naira Gains Ground in Official FX Market, Ends Week on High Note
Naira Gains Ground in Official FX Market, Ends Week on High Note
The Nigerian naira ended the week on a stronger footing at the official foreign exchange (FX) market, closing at ₦1,366.23 per US dollar on Friday, according to the Central Bank of Nigeria (CBN). This marked a ₦5.27 gain over Thursday’s rate of ₦1,371.50, representing a 0.3% weekly improvement.
Throughout the week, the naira recorded steady gains, reflecting improved liquidity in the official FX window and growing confidence among investors and traders. On Monday, the currency opened at ₦1,405.62 per dollar, appreciating slightly to ₦1,401.40 on Tuesday and ₦1,376.19 on Wednesday before closing stronger on Friday. Analysts said this upward trend signals a stabilising official exchange market amid ongoing monetary reforms.
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Market observers attribute the naira’s appreciation to a combination of enhanced FX supply, consistent trading activities, and the CBN’s continued interventions to boost stability in the official market. The gradual recovery is seen as a positive indicator for importers, businesses, and consumers, as it helps moderate inflationary pressures and reduces the cost of foreign-denominated goods.
While the official market shows signs of stability, rates in the parallel market remain influenced by demand pressures. Experts, however, note that narrowing the gap between official and parallel exchange rates will require sustained policy consistency, stronger FX inflows, and continued investor participation.
The recent performance underscores the resilience of the naira and highlights the impact of strategic interventions by the Central Bank aimed at strengthening the currency, improving market depth, and supporting Nigeria’s broader economic recovery objectives.
Naira Gains Ground in Official FX Market, Ends Week on High Note
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