The World Bank Thursday revealed that around 42% of the Nigeria’s workforce lost their jobs between March and June following the shutdown of the economy in the aftermath of the coronavirus outbreak.
Ahmed Rostom, Senior Financial Sector Specialist, World Bank, made the disclosure at the Development Bank of Nigeria (DBN) Webinar Series’ virtual knowledge sharing series titled ‘Risk Sharing: A Key Driver for Increased Financial Access and Economic Development for MSMEs.’
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He presented data from surveys executed by the World Bank between April and June 2020 on the economic growth constraints and the impact of COVID-19 in the country.
42 per cent of persons working before March 2020, particularly those in the hospitality and service industry, are out of job, Mr Rostom said.
Panellists also acknowledged that Credit Guarantees Schemes were notable policy documents, created to alleviate credit constraints confronting Micro, Small and Medium Enterprises (MSME).
Ayodele Olojede, Group Head Emerging Business at Access Bank said MSMEs did not have steady and sustained access to finance, adding that “risk sharing facilities will help increase access to finance which helps MSMEs grow, increases employment and output in the economy”.