There seems no end in sight to the rising unemployment rate in the country, given the recent revelation of at least 42 Small and Medium Enterprises discontinuing business operations.
The National President, Association of Small Business Owners of Nigeria, Dr. Femi Egbesola, revealed that the businesses ceased operations between 2014 and 2019.
Commenting on the figures, he said those were the numbers of the businesses registered with the body, admitting that there could be more.
“About 92 per cent of the businesses that closed shop were manufacturing/production companies; six per cent were into importation of commodities, while the remaining two per cent were into consulting services,” he said.
On why the businesses went under, Egbesola said, “They all ran out of business due to repeated losses, which led to negative liquidity and inability to meet up with financial obligations.”