The National Bureau of Statistics and the United Nations Development Program surveyed nearly 3,000 companies in the formal and informal sectors in Nigeria.
In March, the NBS announced that a third of Nigerian workers were unemployed in the fourth quarter of 2020, a situation that was made worse by the pandemic.
“Although there have been promising signs of recovery this year, COVID-19 has had an oversized socio-economic impact on Nigeria,” the duo said in a statement.
Companies complained of declining sales, higher costs and an inadequate safety net for workers in the informal sector. Few in the utilities, finance and healthcare sectors saw year-over-year increases.
The economy of the West African nation, the largest on the continent, has been hit by the drop in oil prices following the disruptions caused by the pandemic. The country is dependent on crude oil exports for around 70% of state revenues.
Growth in Nigeria has resumed after COVID-19 sparked a recession, but it is lagging the rest of sub-Saharan Africa as food inflation, heightened insecurity and stalled reforms slow the economy and increase poverty, the World Bank said .
The bank has said the COVID-induced crisis is projected to drive over 11 million Nigerians into poverty by 2022, bringing the total number of people classified as poor in the country to over 100 million. The total population is estimated at 200 million.