Small businesses in Lagos suffer loss of N2.7bn during covid-19 lockdown

The Lagos Chamber of Commerce and Industry says losses of Micro, Small and Medium Enterprises (MSMEs) in Lagos is about N2.7 billion, due to the recent Coronavirus lockdown.

LCCI’s Director-General, Dr Muda Yusuf, made this known on Sunday through the LCCI’s Economic and Business Review for 2020 and Outlook for 2021.

Yusuf further attributed the development to two major disruptions of COVID-19 and the EndSARS protests, experienced by businesses operating within the Lagos metropolis.

He added that the sharp Naira exchange rate depreciation coupled with sustained acceleration in domestic prices escalated both costs of production and operation for investors in the economy.

“The business community witnessed two major disruptions in year 2020 – COVID-19 pandemic and EndSARS protest nationwide.

“Our findings showed that MSMEs with active presence in Lagos lost at least N2.7 billion in revenue to the lockdown.

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