The National Bureau of Statistics said 62 percent of businesses use mobile banking for their business operations.
The NBS said so in its report titled âThe Impact of COVID-19 on Business Enterprises in Nigeriaâ.
The report states: âWhile 90 percent of businesses use phones in their daily operations, the level of adoption of other forms of technology is relatively low, especially among those in the informal sector.
âMore than half of businesses do not use the Internet in their business operations, while only 62% use mobile banking.
The report states that only 40 percent of businesses use social media, 47 percent use the Internet for their operations and only 50 percent own laptops.
The BNS added that 81 percent of businesses were connected to the national electricity grid.
He said the north-central (86 percent) has a greater proportion of grid-connected businesses, followed by the southwest (85 percent) and the northeast (72 percent). The report indicates that a higher percentage of formal establishments, 86 percent, were connected to the national grid compared to informal enterprises, 69 percent.
The report states: âAbout 88% of all establishments incur monthly security expenses such as compensation for security personnel and alarm systems.
âAmong formal enterprises, this figure was higher at 91 percent while for informal enterprises it was 77 percent.
âOverall, 39% of all establishments spent between 10,000 and 50,000 naira per month, while spending in the north-central and south-western areas was relatively higher.
âA significant majority – 95% – of businesses reported paying informal taxes, with those in the South East recording higher proportions than those in the North West and South West.
“Overall, 60% of formal enterprises paid more than 10,000 N / month while 69% of informal enterprises paid less than 10,000 N / month.”
The report which detailed the ramifications of the COVID-19 pandemic said the disruption to business operations was evident in all businesses across all industries, with at least two-thirds of businesses currently operating in the country having to close during the pandemic.
The report says that a third of informal businesses continued to operate throughout the pandemic. He said about one in ten businesses was still closed.
The NBS said, âDeclines in production, sales and revenues have been commonly seen by businesses across the country, although to varying degrees. Median income losses were 44% compared to income in 2019.
âMeanwhile, the utilities and agriculture sectors appeared to be relatively less affected and some companies even reported gains compared to those in the transportation and mining and quarrying sectors, for example.
âEven after a possible easing of movement restrictions and containment measures, the impact of the pandemic continued to persist, with sales and revenues still contracting for 74% of companies. “
The NBS added that 43% of companies sampled laid off around 20% of their workers while 57% of companies were able to maintain their workforce during the pandemic.