*Urges govt to aid organised businesses
By Victor Young
Nigeria Employers’ Consultative Association, NECA, has raised the alarm that 74.2 percent of businesses have stopped operation due to COVID-19 pandemic in Nigeria.
At a briefing in Lagos, weekend, Acting President of NECA, Taiwo Adeniyi, informed that 15.8 percent of businesses were either fully on site or teleworking.
While commending the Federal Government’s efforts through various stimulus packages to aid small and medium scale enterprises, SMES, the umbrella body of employers in the country lamented that organised businesses were basically left in the lurch to weather the challenges of COVID19 pandemic alone.
At the post-Governing Council briefing, NECA had also said there was a need for the Federal Government to execute the Oronsaye Report and reduce/merge MDAs to reduce cost.
According to Mr. Adeniyi, “with the view of gauging the specific impact of COVID-19 on businesses to aid our advocacy efforts, we conducted research into the effects of the pandemic on businesses.
“The outcome of the research showed, among others, that 74.2% of surveyed enterprises have stopped operating due to COVID-19, while 15.8% are either fully on site or teleworking.
“Over 90% of surveyed enterprises noted that limited cash-flow was an impediment to operations and over 90% stated that demand for their goods and services had significantly reduced. The disruption of supply chains resulted in 78.2% of enterprises having supply challenges, as suppliers were unable to fulfill orders.
NECA’s President said the body commended “government at all levels for the efforts so far made to curtail the spread of the virus in Nigeria. The many guidelines and protocols initiated by the Presidential Task Force were needful, though sometimes late and hardly enforced.
“We note the political will that necessitated the imposition of significant restrictions in the movement of persons and goods practically all over the country, especially in Lagos, Ogun, and the Federal Capital Territory and the varying degrees of restrictions on the movement of persons and goods, including public gatherings and markets within states.
“The effects of the various restrictions on businesses prompted the Federal Government to introduce fiscal and monetary measures to ameliorate the impact on businesses and save the economy from further collapse.
“Worthy of commendation is the CBN’s N50 billion credit facility to households, and Small and Medium Enterprises most affected by the pandemic, as well as N100 billion loan to the health sector, and N1 trillion to the manufacturing sector.
“In addition, the interest rates on all CBN interventions programmes were revised downwards from 9% to 5%, and a one-year moratorium was introduced, effective March 1.
“While we commend these efforts, we wish to state with concern that organised businesses were basically left in the lurch to weather the challenges alone.
“With many businesses closed down and many others on the verge of bankruptcy, we had urged 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 necessary job retention scheme, as proposed by our Association, would be given adequate consideration; this was never the case.
“As full economic activities are on the brink, we, once again, urge government to take a second look at long term strategic support for organised businesses to enable an accelerated and sustained economic recovery.”
Source: Vanguard News
Nigerians reacts to the effect of Covid-19 lockdown
- Suspected fraudster Ramon Abbas’s bail attempt fails in US
- Magu probe: Panel quizzes 3 EFCC operatives
- Disturbing footage captures three teenagers beating up a teen mom and her baby in Brooklyn (video)
- Mercy Aigbe shares old picture from 20 years ago when she was a UNILAG Student, fans react (PICS)
- ”I no dey hear word, I get wahala” – Mercy Johnson says as she shares adorable video with her hubby
- Ruth Kadiri Speaks On Will Smith Marriage (Read What She Said)
- FG may pay private school teachers’ salary arrears
- Canadian Rapper, Tory Lanez arrested on gun charge after house party fight got Megan Thee Stallion hospitalized
- Tacha And Frodd Reconcile; Share Friendly Hug (Photo)
- Plane makes emergency landing, two men have been arrested after a note saying ‘explosives on board’ was found in toilet of Ryanair plane
- FG Promise Internet Data Slash For Nigerians
- FG to unveil N65bn stimulus package for OPSN
- NSCDC arrests 8 suspects over alleged armed robbery in Oyo
- Rita Edochie gives out daughter’s hand in marriage (photos)
- Checkout The Chinese Vase Found In Pet-filled House Which Cost $9M (Photos)
- Regina Chukwu cries out, reveals why women are stone hearted and creatures people should fear
- Kellyanne Conway’s daughter posts ‘last tweet’ after being kicked off social media
- Adeboye’s senior Pastor, Tola Odutola resigns from RCCG, gives reason [VIDEO]
- Osun government eases lockdown in 4 LGAs
- Top RCCG pastor resigns, His reasons will shock you
- “He started crying when I wanted to leave” – Lady says as she shares video of her boyfriend in tears
- Couple celebrate ‘miracle twin babies’ as wife delivers another baby, 21 days after giving birth to the first (Video)
- Naya Rivera is ‘Glee’s latest tragedy
- Oyo records highest COVID-19 cases ever
- Ex-agitators laud FG for cleansing Presidential Amnesty Programme
- Girl commits suicide over fights with brother in Lagos
- Ray J and Princess Love are back together, reconcile after divorce filing
- Court jails two internet fraudsters in Ibadan
- Why ‘Psych’ star James Roday embraced his birth name, Rodriguez
- “This looks so unhealthy” – Mr Ibu scares followers with his huge potbelly (Photo)
- Amber Heard called ‘fat’ Johnny Depp ‘washed up’ during island attack, court hears
- Farmer, 29, Remanded For Alleged Armed Robbery In Makurdi
- Researchers create heated air filter that ‘instantly’ kills coronavirus
- Breaking: Special Public Works Programme kicks off nationwide
- Apple asks retail employees to work remotely as pandemic rages on
- House of Reps back Ngozi Okonjo-Iweala for WTO top job
- Reps ask Nigerian govt to reverse decision on WAEC
- Fans Slams John Okafor Over Unusual Pot Belly
- Elena Delle Donne in shock as WNBA denies her coronavirus request
- Three key players to watch as Chelsea clash with Norwich City at Stamford Bridge
- Klopp opens up on CAS reversal of Man City’s Euro ban
- N20billion loan: “We won’t allow Obaseki to mortgage Edo future” – Rights group
- “Ned Nwoko is a dirty old bastard” – Lady blasts Ned Nwoko for saying he married Regina Daniels because she was a virgin
- COVID-19: WHO reacts to reopening of schools amid pandemic
- East Harlem teen among latest victims of NYC shooting surge
- Senate reviews punishment for Kidnapping, rape
- Katy Perry headlining 3D ‘Tomorrowland’ music festival
- Daniel Lewis Lee is first federal inmate executed in 17 years
- Kelly Preston’s best movie roles from ‘Twins’ to ‘Jerry Maguire’
- Pastor Adeboye Receives Backlash After Birthday Message To Wife
- Lea Michele pays tribute to ‘Glee’ co-stars Naya Rivera and Cory Monteith
- Akwa Ibom communities raise alarm as Udom Emmanuel abandons 55.1km superhighway project
- Hillary Clinton Predicts a Trump Loss in November “In Both the Popular Vote and the Electoral College”
- ‘Glee’ star Kevin McHale believes Cory Monteith helped ‘find’ Naya Rivera
- Naya Rivera’s heartbreaking duet with son shared by ‘Glee’ co-star Amber Riley