In the Nigerian business world, fluctuating company numbers are a reality that impacts the professional lives of many workers. A recent study by The Punch reveals that seven major companies experienced a reduction in their workforce between 2022 and 2023, as noted in their annual reports on changes in workforce statistics.
According to the Manufacturers Association of Nigeria (MAN), in the first six months of 2023, 3,567 jobs were lost in the sector due to various reasons, such as policy failures and unsold goods. These challenges represent major obstacles for businesses across the country.
The scarcity of the dollar is one of the main obstacles facing businesses, which struggle to access foreign currencies to purchase essential raw materials and equipment.
Companies affected by these challenges include well-known names in the industry:
1. Dangote Sugar Refinery: With over 675 departures recorded, Dangote Sugar Refinery tops the list.
2. Nigerian Breweries PLC: Around 380 employees of Nigerian Breweries have been laid off, representing a 14% reduction in their workforce.
3. Unilever Nigeria Plc: In 2023, 176 Unilever employees lost their jobs due to strategic reorganizations.
4. Cadbury Nigeria: The company lost 21 employees during the review period, facing a foreign exchange crisis.
5. Conoil Plc: Although the number of employees decreased slightly, the company experienced notable revenue growth.
6. African Prudential: The reduction of their workforce by 9 employees occurred despite a 32.5% drop in their net profit.
7. International Breweries: Slight decrease in number of employees, from 1,553 in 2022 to 1,552 in 2023.
These statistics highlight the challenges and constant adjustments that businesses in Nigeria face. It is crucial for policymakers and industry stakeholders to take strategic steps to support economic growth and preserve jobs in the country.