In the view of Dr. Timothy Olawale, Director General, Nigeria Employers’ Consultative Association (NECA), the umbrella organisation of employers in the organised private sector, the impact of COVID-19 on businesses is unquantifiable as many businesses are already experiencing the bitter pill.
Speaking in a telephone chat with our correspondent at the weekend, Olawale said, even before the coronavirus-induced economic crisis, businesses have been struggling, but the outbreak of COVID-19 has further compounded the problem for most businesses.
“There is a level in which businesses will be able to absorb the shocks. Companies still have to settle overheads, pay staff salaries, employee pension contributions and all kinds of cost. We have advised the government to continue to carry everybody along. We hope this crisis doesn’t escalate beyond the period businesses can endure.”
While commending the Federal Government and the Central Bank of Nigeria (CBN) for the…