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JUST IN: Hardship Looms in Nigeria, Unemployment Worsen As 50 Companies Shutdown, To Move Out, Full List

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Hardship Looms in Nigeria, Unemployment Worsen As 50 Companies Shutdown, To Move Out, Full List

Information reaching Ibom Focus says that Hardship Looms in Nigeria, Unemployment Worsen As 50 Companies Shutdown, To Move Out

Report has revealed that over 50 Nigerian companies in the last five years have left the country.

The companies could no longer deal with the constant disruption in power supply and also difficulties getting forex to import raw materials.

The loss of the manufacturing companies could further compound the unemployment in the country.

Unemployment Worsen

The manufacturing companies remain one of the highest employes of Labour in the country.

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Data from the National Bureau of Statistics, Nigeria showed that, as at the end of 2020, the unemployment rate rose to 33.3 per cent, translating to some 23.2 million people, the highest in at least 13 years and the second-highest rate in the world.

Companies that has shutdown Some of the manufacturing companies that have exited the industry is led by Procter & Gamble and GlaxoSmithKline, Surest Foam Limited, Mufex, Framan Industries, MZM Continental, Nipol Industries, Moak Industries, and Stone Industries.

Others are: Solo Industries, Quick Born Industries, Supercor Industries, Arabi Industries, and Rola Industries. Peak Aluminium, Phonenix and Wise Machine Industries are no more functional. Louis Carter Limited, Sky Aluminium, Grief, Errand Products, Technoflex, Gorgeous Metal, Mother’s Pride, including the Industrial and Foam Equipment, Deli Foods, Universal RubberErrand Products, Technoflex and Universal Rubber.

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These industries are located in Lagos, Ota (Ogun State), Agbara(Ogun State), Jos (Plateau), Bauchi, Kano, Nnewi (Anambra State) and other parts of Nigeria.

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