Friday, March 29Inside Business Africa
Shadow

Tag: unemployment

83 per cent businesses to reduce salaries, downsize over revenue losses

83 per cent businesses to reduce salaries, downsize over revenue losses

Business
Although the lockdown may have been relaxed, the impact on businesses may lead to further high unemployment, reduction in consumers’ purchasing power as the latest survey by the Lagos Chamber of Commerce and Industry (LCCI), shows that 83 per cent of business owners plan to cut down on salaries and reduce the number of people in their employment.According to the LCCI survey, the COVID-19 crisis impact on the Lagos business community revealed that 81 per cent of respondents were ‘severely’ affected by the pandemic with the median daily revenue loss of N500,000.AdvertisementAdvertisement The Chamber noted that the lockdown has significantly destabilised business and economic activities especially in the informal and micro, small and medium enterprises (MSMEs) space given their lack of adequ...