[Economy] New Report Predicts Mass Job Losses in Nigeria

[Davidvictorson]

Brace yourselves, as a new report predicts mass job losses in the first quarter of 2023. Somebody once said, if you are going through hell, keep going. Within the next seven(7) days, Nigerians will have an idea of who will become their president for the next four(4) years. I hope to God that it is Peter Obi. However, given the suffering that the outgoing government has inflicted on the nation and her citizens, we shouldn't expect any miracles from PO.

... the disorderly way with which the Central Bank of Nigeria has gone about the naira redesign will not just lead to job losses but will also lead to a decline in Gross Domestic Product and GDP. Nigeria is an N200 trillion economy; let’s say we generated N50 trillion per quarter. Because people can not get money from banks and ATMs, businesses will sell less than they ought to because of the difficulties in getting cash, the economy cannot grow, and job losses will come.

The cash crunch has affected everyone, and now its ripple effects may spill over into the livelihoods of many people. I know that this is just a prediction and by God hope that it will be nipped in the bud by PO before it ever becomes a reality. Personally, I do not know anyone who has become jobless as a result of the Naira scarcity, but one thing is sure, if it persist, we will hear tales of how our Nigerian brothers and sisters are losing their jobs.

What do you think? Do you agree or disagree with this report by the Manufacturers Association of Nigeria, MAN?

[1714234950]

1714234950

[Cryptomultiplier]

Brace yourselves, as a new report predicts mass job losses in the first quarter of 2023. Somebody once said, if you are going through hell, keep going. Within the next seven(7) days, Nigerians will have an idea of who will become their president for the next four(4) years. I hope to God that it is Peter Obi. However, given the suffering that the outgoing government has inflicted on the nation and her citizens, we shouldn't expect any miracles from PO.

... the disorderly way with which the Central Bank of Nigeria has gone about the naira redesign will not just lead to job losses but will also lead to a decline in Gross Domestic Product and GDP. Nigeria is an N200 trillion economy; let’s say we generated N50 trillion per quarter. Because people can not get money from banks and ATMs, businesses will sell less than they ought to because of the difficulties in getting cash, the economy cannot grow, and job losses will come.

The cash crunch has affected everyone, and now its ripple effects may spill over into the livelihoods of many people. I know that this is just a prediction and by God hope that it will be nipped in the bud by PO before it ever becomes a reality. Personally, I do not know anyone who has become jobless as a result of the Naira scarcity, but one thing is sure, if it persist, we will hear tales of how our Nigerian brothers and sisters are losing their jobs.

What do you think? Do you agree or disagree with this report by the Manufacturers Association of Nigeria, MAN?

Well, it's just a statistical analysis and prediction. With the way Nigeria is right now, it is more than an economic miracle we need. Kidnapping and banditry and other vices that bothers on security still looms.
The next president should be there by merit, by his pragmatism and honesty.  If this is the basis on which the next president is brought into power, then, the economy among other sectors will make improvements and advancement, remarkably.

[Merit.s]

Omo this cashless policy is something that hasn't been experienced in Nigeria and therefore citizens finds it difficult to coupe. So many businesses have been shut down because the policy is not favourable to such business. POS operators especially have been affected badly since the bank don't have cash to give to them,only few of them are operating and their charge rate is very high. It has also render corporate beggers useless in my locality. Some persons down here don't like to work instead they go to politicians offices to beg for money and other offices or places where politicians gather to do am loyal. This time they are getting frustrated since only transfer can be used and anybody with cash wouldn't give it out. Obi has a lot to do in order to fix things when he gets into power.

[Wiwo]

There is no doubt the fact that every policy has it implications for the masses and if no one has lost a job because of the cashless policy the POS operators are the first hit by the policy, even though a few of them have back-door access to naira is making a hell of profits from the naira sells the period we still have a large number of POS operators who have suddenly become jobless because of this new cashless policy since there is no place for POS anymore in the current dispensation and if all things being equal this job loss will also extend to other sectors of the economy.
-Today in my area while having my morning juggling, I saw a lot of people tracking to work because of their inability to get cash for transport fairs, and a lot of other couldn't make it to work also.
-As we all know the private sector is the major employer of labour in 9ja and they pay their workers based on days of work, so tell me how long can those who are unable to get transport fairs to be able to remain in the job before possible replacement.

[Asiska02]

What do you think? Do you agree or disagree with this report by the Manufacturers Association of Nigeria, MAN?

I completely agree with MAN's reports on massive job losses in Nigeria. Due to a lack of money . thousands of business owners have had to close their doors due to a lack of sales to customers. Online banking could have stepped in, but it all ended in failure. Uneducated business owners have no hope, seeing as they can't even use a phone to make a transfer, When a business does not sale well, the owners may decide to fire some employees in order to reduce losses.