COVID-19: 74.2% of businesses are no longer in business – NECA

Nigeria Employers’ Consultative Association, NECA, has raised the alarm that 74.2 per cent of businesses have stopped operations due to COVID-19 pandemic. At a briefing, weekend, in Lagos, acting President of NECA,Taiwo Adeniyi, disclosed that 15.8 per cent 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, NECA lamented that organised businesses were basically left in the lurch to weather the challenges of COVID19 pandemic alone. \

Adeniyi said: “With the view of gauging the specific impact of COVID-19 on businesses to aid our advocacy efforts, we conducted a research into the effects of the pandemic on businesses.

Outcome of the research showed, among others, that 74.2 per cent of surveyed enterprises have stopped operating due to COVID-19, while 15.8 per cent are either fully on site or teleworking.

‘’Over 90 per cent of surveyed enterprises noted that limited cash-flow was an impediment to operations and over 90 per cent stated 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 the body commended government at all levels for efforts so far made to curtail the spread of the virus in Nigeria.

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