Managing Redundancy and Lay-offs in Nigeria – Legal Guide for Employers

Not less than 36.96% of Nigerian businesses have been forced to lay off employees due to cash shortages and constraints resulting from the Central Bank of Nigeria’s (CBN) Naira Redesign policy of 2023, political instability and low revenue. This is according to a recent survey titled ‘Strapped: Impact of the Cash Scarcity on Individuals and Businesses’ by SBM Intelligence, an African-focused market intelligence and consulting firm. The current economic climate of the country has, in recent times, forced many businesses to close down or drastically reduce their workforce to meet their business objectives.