Business & Economy

Signs of A Recovery But a Long Way Off

Since the outbreak of Covid-19, the Nigeria Bureau of Statistics (NBS) has been conducting impact surveys, assessing the welfare of Nigerians. The latest survey conducted in Jan-2021 provides insight into how the Nigerian economy has gradually recovered from the effects of the Covid-19. A sample of 1,346 households was assessed for this report.

Firstly, the report highlighted how unevenly Covid-19 hit children’s education. Around 48.0% of children surveyed in the lowest quintile had no access to educational content in the 15 days preceding the interview compared to just 14% in the richest quintile.

Sources: NBS, United Capital Research

Regarding galloping food prices, a pertinent issue, the survey is consistent with the recent consumer price index and inflation data. Households, when asked if the prices of the major food items they consumed had increased compared with one year ago (Jan-2020 vs Jan-2021), 79.0% of households that needed to buy rice indicated that the price of rice increased.

On working status, the overall share of respondents who gainfully employed was at 70.0% in Jan-2021. A massive improvement from the low point of just 43.0% in April 2020.

Although the survey provides some bleak updates, it ends with a silver lining, which may indicate that with the return of economic activities, the effects of Covid-19 on the workforce is beginning to abate. The report showed that in Jan-2021, around 38% of households surveyed had experienced income losses, perhaps a sign of a rebound compared to 70.0% in the early days of the pandemic.

Advertisement

For our take, while we believe that the reopening of the economy would lead to a slight recovery in activities, we struggle to see headroom for sustained accelerated growth unless various stakeholders within the economy come together to solve the inequality and structural problems exposed by Covid-19.

Facebook Comments
United Capital Research

Recent Posts

Apple Unveils iPhone 17 Air, Slick, Slimmer Than Previous Models (PHOTOS)

Apple Inc is set to present a slimmer iPhone 17 Air model, marking a potential…

2 weeks ago

Six-Year-Old Ella Shoots, Kills American Police Officer In Mother’s Defense

A six-year-old girl, Ella, fatally shot a 28-year-old American police officer last month after witnessing…

2 weeks ago

LIRS Urges Taxpayers To Meet March 31 Deadline For Annual Tax Return Submission

The Lagos State Internal Revenue Service (LIRS) reminds all individual taxpayers, including self-employed individuals, those…

3 weeks ago

Stanbic IBTC Bank Partners Autochek To Boosts Car Ownership, Disburses N4Bn

Stanbic IBTC Bank, a prominent financial institution in Nigeria, has partnered with Autochek, an innovative…

3 weeks ago

Stanbic IBTC PMI®: Output Growth Accelerates To Fastest In Just Over One Year

The headline figure derived from the survey is the Stanbic IBTC PMI® - Purchasing Managers’…

3 weeks ago

Stanbic IBTC Bank Reintroduces Its Private Banking Offerings To Empower Nigerians Build Lasting Wealth

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and a leading financial service solutions…

3 weeks ago

This website uses cookies.