A recent report by the Manufacturers Association of Nigeria, MAN has predicted imminent mass job losses in the first quarter of 2023 amid the currency crisis.
The Confidence Index Report by MAN indicated that the employment rate would dip below benchmark points to 48.8 points in the first quarter of 2023.

The new figures also represent a downward spiral from the 49.2 points obtained in the preceding quarter.

“Among the standard diffusion factors, current business conditions and business conditions for the next three months scored above 50 benchmarks while increasing in the quarter. Current Employment Condition (rate of employment) and production level in the next three months scored above the 50 benchmark points, though with a decline in the period.

“Employment conditions for the next three months dipped below the benchmark points to 48.8 points which are also below 49.2 points obtained in the preceding quarter.”

Now an economic expert believes the recent Confidence Index Report by MAN may not be unconnected with the controversy and hardship generated by the Central Bank of Nigeria’s currency redesign and swap process.

Dr Ayo Teriba, the CEO of Economic Associates, EA, explains that the challenges following the Naira swap will not only lead to job losses but a decline in Nigeria’s Gross Domestic Product, GDP.

He explains that the cash crunch Nigerians battle with would affect businesses as they will sell less than they ought to because of the difficulties in getting cash and patronage.
For over three weeks, Nigerians have continued to lament the non-availability of the naira, a situation that has resulted in bloody protests in Edo, Delta, Lagos, Kwara, Ondo and other parts of the country.

“You don’t have to wait for MAN; 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”, he stated.

https://dailypost.ng/2023/02/17/mass-job-losses-loom-in-q1-2023-amid-naira-crisis-manufacturers-economist/

What APC cannot destroy doesn't exist

Noted.

Things will normalized after the election.

My vote is for Tinubu.

bigdammyj:
Noted.

Things will normalized after the election.

My vote is for Tinubu.

When people are already losing there job due to APC bad policies ?

I pray it only affects anyone openly or secretly support the policy.

Well some low intelligence NIGERIANs say they are okay with this as long as it affects Tinubus ability to buy vote 😅😅😅😅

It takes great bravery to survive these last days. Everything is just going south.

PrinceOfLagos:

When people are already losing there job due to APC bad policies ?

Did you just say bad policy? Really? But you support the bad policy openly because it will apparently curb vote buying even if people lose their jobs, lives, businesses

God punish APC

The Lord God will preserve us.


Check my signature.

As you cast your votes in the 2023 presidential elections, beware of setting a dangerous and potentially irreversible precedence of Muslim-Muslim ticket or a Northerner succeeding another Northerner.

Thanks to APC
.if una like make una allow APC to win again
Any party aside APc is fine by me

Peter Obi has the best plans for Job creation.

.

APC has finished this country.

Woe unto APC.
Woe unto Buhari.
Woe unto the man that claimed he made Buhari president.

.

PrinceOfLagos:
What APC cannot destroy doesn't exist

And a fool like you is supporting same policy. You can see that you're running mad already.

It's a good policy. Just the implementation that is poor.

One of the major jobs in Nigeria is teaching. The policy will not affect that sector.

Any school that still depends on cash payment for school fees is not serious.

The problem is that Nigeria government does not usually carry out case study before implementing their policies. I don't think the government knows how big Nigeria is in terms of population.

Policies like this should have been tested on one state and have the outcome studied before implementing on all 36 states.

This is just too much fgs

I don’t want to sit around and hope good things will happen. I want to make them happen. I want to be in control of my own destiny.

Is ok

Hmmmmm!

Yes that's the CHANGE they told us about,

And they RENEWED HOPE that is coming.

If dem carry foolishness swear for your family, just go vote rubbish and come here to disturb us later with stories of I've not eaten since last year please help.

Nigerians just can't catch a break... Since 2015! Haba!

Not even one single year to celebrate good governance!

B

Study sponsored by Tinubu.

Tinubu should be arrested for all his crimes

There’s been job loses since 2015, it was worse in 2019/2020 due to covid. The world didn’t come to an end. We will not die. The policy stands. Let us all swallow this painful pill for the sake of future and that of our children. In a little while, all this will be over in just a matter of days. Let the criminals keep crying. God punish you all useless vote buyers.

famology:



And a fool like you is supporting same policy. You can see that you're running mad already.

He Is not running mad. He Is madded already. Very Useless Idiots.

I think this is just an 'alarmist post'..
There have always been job losses and new ones created in every system, so it's just a cycle.

Damn. We had to stop one of our sales girl from coming to shop, the market seems dull no money to transact and it seems we're on the loosing end since we have to pay her everyday.