L
LequteMan
Guest
Nigeria- Over 25,000 people have lost their jobs in the construction sector as the effects of low crude oil price sets in and the federal government continue its heavy spending towards the 2015 general elections.
Due to these factors, FG can't pay construction companies and most construction projects across the country have come to a standstill.
"The situation is terrible and there is more ... to come," one construction industry source said. "There is a desperate lack of funds."
According to CNBC, the top 10 construction companies in Nigeria accounted for 70,000 jobs a year ago but since then their workforces have been cut by a third.
"Most of the companies tightened their belts because of no payments, while overheads are getting higher," expatriate civil engineer Daniel Hazim said.
"That's why the majority of construction companies are passing pink slips to their employees ... expats and locals." he added.
President Goodluck Jonathan faces a tough opposition in General Muhammadu Buhari in Saturday's presidential polls.
Yet the job losses are also a reminder that whoever leads Nigeria after the election will need to end its dependence on oil as the motor for the economy.
#Nigeria #CNBC #Oil
Due to these factors, FG can't pay construction companies and most construction projects across the country have come to a standstill.
"The situation is terrible and there is more ... to come," one construction industry source said. "There is a desperate lack of funds."
According to CNBC, the top 10 construction companies in Nigeria accounted for 70,000 jobs a year ago but since then their workforces have been cut by a third.
"Most of the companies tightened their belts because of no payments, while overheads are getting higher," expatriate civil engineer Daniel Hazim said.
"That's why the majority of construction companies are passing pink slips to their employees ... expats and locals." he added.
President Goodluck Jonathan faces a tough opposition in General Muhammadu Buhari in Saturday's presidential polls.
Yet the job losses are also a reminder that whoever leads Nigeria after the election will need to end its dependence on oil as the motor for the economy.
#Nigeria #CNBC #Oil
