Trying time for 78m Nigerians without savings

Nigeria may go into economic recession if the Coronavirus pandemic persists for months and with the potential loss of N2.27 trillion worth of trade and significant job losses across sectors.

Verraki Partners, a business solutions company for Africa, which revealed this in a report titled: “COVID-19 and Nigerian Businesses: From Survival to Thriving in a Changing World,” stated that the social, economic and financial challenges of the COVID-19 will lead to a global economic recession in 2020 and potential lost output of $2.7 trillion.

According to the firm, employee productivity is expected to drop especially for companies that were not designed for and have not made remote working a part of their processes.  

While the global challenge persist, Verraki Partners, said business leaders should expect different recovery speeds for different sectors and locations, adding that leaders must also be flexible to spot and pursue the opportunities presented by this crisis including reserving 90 minutes (10% of 15 hour day) per day for work focused on preparing the organisation for the future.

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