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Companies - October 2, 2020

Why Chevron Nigeria is Laying Off 25% of its Workforce

Chevron Nigeria Limited is embarking on a major shake-up that will force it to trim its workforce by 25 percent, citing “prevailing business climate”.

The company announced on Friday, Oct. 2, that the decision was inevitable in light of the current economic downturn, to reduce operational cost and increase efficiency. The manpower reduction will cut across the various levels of the organisation.

“The aim is to have a business that is competitive and have an appropriately sized organisation with improved processes. This will increase efficiency and effectiveness, retain value, reduce cost, and generate more revenue for the Federal Government of Nigeria”, Chevron’s Head of Public Affairs, Esimaje Brikinn said in a statement.

Chevron joins the list of other oil majors which have been compelled to shed manpower due to the decline in global oil demand occasioned by the COVID-19 pandemic.

ALSO READ: Nigeria Netted N5.4trn from Oil and Gas in One Year – CBN

Barely three days ago, another multinational oil giant, Royal Dutch Shell announced that it plans to cut 7,000 to 9,000 jobs citing the slump in oil demand.

Last month, Exxon Mobil Corporation did the same. The company said it would reduce workforce in Africa and across its businesses globally to reposition the business for profitability. The company’s businesses in Sub-Saharan Africa cuts across Nigeria, Angola, Chad, Cameroon Equatorial Guinea, Ghana, Mauritania, Mozambique and Tanzania.

As the devastating effect of the pandemic continue to shrink the global economy, and world leaders still struggling to contain the spread of the virus, economists believe things may get worse.

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