CBN reveals that Nigerian Companies will start employing in August | BasedOnNews

CBN reveals that Nigerian Companies will start employing in August – Since the lockdown due to coronavirus pandemic, so many firms were shut down as a way to curtail the spread of the virus across the globe. From the survey of Central Bank of Nigeria, Nigerian firm will start employing again in this month of August.

There is full confidence that in this month of August, lots of business activities will open in the next 2 to 6 months to help justify the employment outlook.

From findings, a sample of 1050 businesses with a 96% response rate was used. Respondent firms include small, medium and large businesses cut across agriculture, services, manufacturing, wholesale/retail trade, and construction sectors, both import and export-oriented, across the country.

Sector by sector breakdown showed that wholesale/retail trade had the highest prospect for employment in August with an index of 16.4 points, while manufacturing trailed closely behind with 14.6 points. Respondent firms in Agric/services put the employment prospect index at 3.1 points.

The wholesale/retail trade sector is also highly optimistic on expansion plans, showing an index of 46.3 points, while the construction sector had an index of 45.0 points. Agric/services sector had an index of 43.4 and manufacturing sector had 39.7 points all pointing towards a positive disposition to expand in the current month (August).

With such expansion plans in view, borrowing rate is also expected to increase in August, September, and December 2020 with confidence indices of 10.5, 15.7 and 16.1 points respectively.

There is an anticipated increase in economic conditions in August at 22.8 points, much higher than the 9.5 points in July. The firms also expect things to improve more in September and December with confidence of 31.7 and 51.4 points.

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