According to reports, First Bank fired 100 of its best employees as Nigeria’s financial problems under President Bola Tinubu continue.
Market-monitoring website Nairametrics announced the layoffs on Monday, though it did not provide an explanation right away.
A request for comments regarding the firings from Peoples Gazette on Monday night was not answered by the bank.
The bank’s action is the most recent wave of job losses to hammer Nigeria’s banking industry in 2024, as many people fight to stay afloat in the face of the nation’s unstable economy.
The banking industry is not the only one affected by Mr. Tinubu’s severe economic policies.
Shell declared in January 2024 that it would no longer be exploring for oil in Nigeria and that it would sell its onshore business, The Shell Petroleum Development Company of Nigeria Limited, to Renaissance.
Pick n Pay, Microsoft Nigeria, Total Energies Nigeria, PZ Cussons Nigeria PLC, Kimberly-Clark Nigeria, and Diageo were among the other well-known companies that left Nigeria this year.
Following the president’s inauguration, Sanofi Pharmaceutical International and GlaxoSmithKline Consumer Nigeria Plc left in 2023.
According to a recent report by the Manufacturers Association of Nigeria, 335 businesses experienced difficulties in 2023, and 767 businesses closed. President Bola Tinubu’s implementation of the Expatriate Employment Levy was also criticized by the association.
“Multifaceted challenges are already plaguing the manufacturing sector,” MAN stated in a statement on Wednesday. “335 manufacturing businesses experienced distress in 2023, and 767 of them closed.”
The Association of Licensed Telecommunications Operators of Nigeria announced Monday that if no action was taken to raise pricing, its members will begin service shedding.
Gbenga Adebayo, the chairman of ALTON, stated that the Nigerian telecom sector was confronted with a significant obstacle that needed immediate attention.
The ALTON CEO cautioned that without this assessment, operators could not continue to ensure service availability and that the industry could suffer dire repercussions. He mentioned a few repercussions, such as disruptions to the national economy, economic ramifications, and service outages.
