loss of Job in Nigeria’s manufacturing sector increases to 3-yr high

The manufacturing sector in Nigeria has experienced a spike in job losses, reaching the highest level in three years, according to the Manufacturers Association of Nigeria (MAN).
The number of jobs lost during the first half of 2023 increased by 108.7% compared to the same period in 2022. The sector has been facing multiple challenges, including currency redesign policies and a volatile business environment, which have contributed to the rise in job losses. This trend raises concerns about the impact on employment rates and the overall economy, as manufacturing is one of the major job-creating sectors in the country.