With the government considering another lockdown to contain the spread of the novel coronavirus, members of the organised private sector (OPS) have urged caution in the implementation of another exercise, noting that a significant proportion of small businesses in the formal sector lost over N2.7 billion in revenue.
While cost-cutting strategies, particularly downsizing, had “implications for the economy from unemployment and productivity perspectives”, the private sector operators asked for stimulus to address known concerns.
According to the latest data compiled by the Lagos Chamber of Commerce and Industry (LCCI), 81 per cent of sampled businesses were ‘severely’ affected by the shutdown with 17 per cent indicating moderate impact on their enterprises.
Director-General of the chamber, Dr. Muda Yusuf, said the lockdown had a severe impact on over 50 per cent of businesses in the services sector. (Text, photo by Guardian)