Yemisi Izuora
The World Bank on Thursday, July 16, disclosed that around 42 per cent of 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, disclosed this during 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.’
Rostom presented data from surveys executed by the World Bank between April and June 2020 on the economic growth constraints as well as the impact of COVID-19 in the country.
He said, 42 per cent of persons working before March 2020, particularly those in the hospitality and service industry, are out of a job.
Panelists 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.
He added that “risk-sharing facilities will help increase access to finance which helps MSMEs grow, increases employment and output in the economy”.