Naira redesign: massive job losses loom–experts

Abuja—Economists and financial experts have said massive job losses loom amid the new naira currency crunch.

Daily Post reports that the experts were reacting to the Manufacturers Association of Nigeria (MAN) latest report indicating that the employment rate in the production sector would dip in the first Quarter of 2023 due to naira scarcity.

According to the Confidence Index Report by MAN, the employment rate would dip below benchmark points to 48.8 points in the first quarter of 2023.

Reacting to the report in a chat with Daily Post, a financial expert, Mr Gbolade Idakolo said the non-availability of naira would hugely impact labour and employment.

“The unemployment rate presently is on the rise due to several factors including but not limited to foreign exchange scarcity and rate, energy crises, the rising cost of goods and services, poverty induced low purchasing power, high-interest rates and insecurity, etc.

“These factors have limited business productivity and profitability, leading to job losses in 2022.

“There is every likelihood that the addition of the Naira crises will further lead to economic losses directly affecting labour, which will further increase the percentage of unemployed Nigerians.

“These signs are prevalent, and it is evident in the present Naira crisis that, if not properly handled, could lead to further job losses”, he stated.

Also, Dr Ayo Teriba, the CEO of Economic Associates (EA) said the Naira redesign policy had placed an untold hardship on Nigerians, and looming job losses cannot be far-fetched.

“Needless Naira Redesign policy, it leads to nowhere. Needless because who needs you to change the colour of the naira? What benefit is the policy? It is cosmetics.

“People cannot access their money; the people protesting in banks are kidnappers, insurgents, bandits or vote buyers. You cannot say because you one to catch a thousand bandits or politicians and you will now expose 200 million Nigerians to hardship”, he stated.

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