40m Nigerians projected to lose jobs due to coronavirus

Nearly 40 million Nigerians are projected to lose their jobs by the end of this year, due to lockdowns and social distancing measures put in place to curb the spread of COVID-19, reported Xinhua quoting the government on Thursday.

Preemptive measures can, however, save the situation as about 39.4 million Nigerians, representing some 33.6 percent of the population, are likely to be affected, said Vice President Yemi Osinbajo who cited recent data by the National Bureau of Statistics (NBS).

Osinbajo said more Nigerians are projected to fall into extreme poverty before the pandemic ends, according to a survey done by the NBS on behalf of the Economic Sustainability Committee headed by the vice president.

The Economic Sustainability Committee was earlier inaugurated by Nigerian President Muhammadu Buhari to work out a way for the country to survive the economic impacts of the COVID-19 pandemic.

While delivering the report of the committee to Buhari, the vice president noted some of the measures put in place to limit the spread of the pandemic had already had a severe negative impact on farms and factories, as well as on trade, transport, and tourism.

"In other words, to create millions of new jobs, we need to focus on encouraging local production, local services, local innovation and emphasize the use of local materials," he said.

"Nigeria and Nigerians can produce our food, build our houses, and construct our roads, using local materials in all cases. If we import, it must be to support local production. We have, therefore, recommended that we must carry out mass programs that create jobs and utilize local materials," he added.