The novel coronavirus pandemic has impacted negatively to the Nigerian economy as many businesses were lost.
Subsequently, about ninety-seven percent of Nigerian Businesses are recorded lost during this global pandemic.
This was made known according to a survey conducted by Africa International Trade and Commerce Research.
The report stated that 97% of businesses in the country recorded losses during the lockdown while only three percent managed to break even, Premium Times reports.
Also, 87% of the companies surveyed said they have been negatively affected overall by the pandemic.
This is because the majority of the countries where they source their products from were on lockdown while have many more have ceased operations.
Subsequently, the survey was conducted in collaboration with the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, and others.
Howbeit, the researchers captured data from 100 businesses across the country in the survey titled the National Survey Report on the Impact of COVID-19 on the Nigerian Private Sector.
The development has led to job loss and pay cuts for those who have managed to retain their staff.
The survey assessed the impact of the pandemic on medium and small scale businesses in Nigeria.
It was conducted between March 9 and April 10 through e-questionnaire and telephone.
According to the survey, only 13% said they have been “positively impacted” by the pandemic and they are in the health sector.
The report also indicates that the situation was worsened by the fact that 60% of the country’s private companies said they do not have any insurance policy or any risk management system.