Nigeria Business Information
No Result
View All Result
Thursday, June 30, 2022
  • Login
  • Register
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription
Subscribe
Nigeria Business Information
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription
No Result
View All Result
Nigeria Business Information
No Result
View All Result
Home Nigeria News

Contract staffs bear the brunt, as banks lay off 8,584 members of their workforce in a year

by Temitope O.
April 27, 2021
in Nigeria News
Contract Staffs

Despite being one of the largest employers of labour in Nigeria, a mix of a socio-economic crisis largely induced by the COVID-19 pandemic have forced Nigerian banks to retrench a total of 8,584 members (mostly Contract staffs) of their workforce in 2020.

This is according to recent data released by the Nigerian Bureau of Statistics, seen by naijabusiness.com.ng.

According to the disclosure, the total staff strength in the Nigerian banking sector decreased to 95,026 as at the fourth quarter of 2020 (Q4, 2020) as against a total of 103,610 workers recorded in the corresponding period in 2019, representing a decline of about 8.28% YoY.

It is pertinent to note that the decline is majorly influenced by the huge retrenchment of contract staff, which dipped from a total of 45,350 as at Q4 2019 to 39,798 in corresponding period in 2020, indicating a decline of about 12.24% YoY.

All categories of banks workforce recorded a dip except the Executive staff segment which experienced a growth of about 39.7% YoY. Others like Senior and Junior staff recorded a dip of 4.39% and 5.78% respectively.

RelatedPosts

United Nations High Commissioner For Refugees (UNHCR)- Request To Quote For Installation Of Covid-19 Wash Hand Facilities

National Agency For The Control Of Aids (NACA)- Pre-Qualification Of Tender For The Procurement Covid-19 Related Commodities (3 Lots)

National Agency For The Control Of Aids (NACA)- Request For Proposal For The Engagement Consultancy Firm To Conduct The Needs Assessment Of The Secondary Health Facilities Selected In 35 States To Be Equipped For Provision Of Critical Care For Covid-19 Patients And Other Diseases Of Public Health Importance

READ: CBN Added 10 More Companies to Money Transfer Operators

Beyond the numbers

Recall that at the peak of the COVID-19 pandemic, there were heightened fears over possible retrenchment of workers in the banking sector, given a decline in the profitability of most businesses during the aforementioned period. The Central Bank of Nigeria and some of the banks allayed these fears, assuring workers and Nigeria of its support to workers during the trying times.

Despite the assurances, recent data both from the NBS and the individual financial statements of the banks, showed that these banks actually laid off some of its workers during the period under review. For example between December 2019 and December 2020, First Bank retrenched about 674 workers, while GT Bank and Access Bank laid of a total of 412 and 117 workers respectively.

On the other hand, banks disbursed a gross loan of about N20.37 trillion to the private sector in the fourth quarter of 2020, with the Oil/ Gas and Manufacturing sectors getting a lion share of N3.93 trillion and N3.19 trillion respectively.

TOOLKIT: Are You New to Tenders/Contract Bidding and Require Assistance? CLICK HERE

Tags: COVID-19
ShareTweetShare

POPULAR

  • Catholic Relief Services (Crs)

    Catholic Relief Services (CRS)- Invitation To Tender For The Supply Of Goods And Services

    0 shares
    Share 0 Tweet 0
  • International Organization For Migration (IOM)-Request For Quotation For The Supply Of Of CGI, Cap Nails And Ridge Caps

    0 shares
    Share 0 Tweet 0
  • How to Check for your Individual TIN (Tax Identification Number) Online

    0 shares
    Share 0 Tweet 0
  • Download List of NGO/Government Tenders with June 2022 Deadlines

    0 shares
    Share 0 Tweet 0
  • Achieving Health Nigeria Initiative (AHNi)- Request For Quotation For Supply Of Medical Laboratory And PWIDs Consumables

    0 shares
    Share 0 Tweet 0

Copyright © 2021. All Right Reserved Nigeria Business Information

No Result
View All Result
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription

Copyright © 2021. All Right Reserved Nigeria Business Information

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

instagram volgers kopen volgers kopen buy windows 10 pro buy windows 11 pro

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.