COVID- 19 Pandemic aftermath on the Rising Financial burdens of businesses in Nigeria

ROUND FOUR

Top Insights

Concern has held steady. The proportion who say they are concerned about the COVID-19 situation (c.78%) has not changed over time, indicating the staying power of this global challenge.

Those experiencing income decreases is continuing to rise. In Round 1, 62% said their income since the start of COVID-19 had decreased very much, this rose to 74% in Round 4. This indicates that the picture for business is not being reflected in incomes, even though more businesses are open now than during Round 1. This is most likely driven by continued lack of demand, the top challenge reported by businesses.

Fewer are saving. Over time, we are seeing fewer customers maintaining or increasing the amount they are saving. In round 1, 65% said they were saving less or not at all compared to pre-COVID-19 months. In Round 4, this increased to 74%. Savings have been serving as the most common coping mechanism – reduction in this area will leave customers more vulnerable as time goes on.