Concerns For Nigerian Startups As 126 Global firms Laid Off 15,781 Employees In June 2022

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Amidst rising inflation and a gloomy economic outlook, tech startups across the globe bit the bullet in June. As a result, laid off a total of 15,781 staff in the month. This figure represents the number of workers sacked by 126 startups that made their figures public. However, many others announced layoffs in the month without disclosing the number of staff.

The layoffs followed a similar pattern that was experienced across sectors of the startups in May, Thus raising serious concerns for the budding startup ecosystem in Nigeria.

According to a startup layoff tracker platform, layoffs top among the startups that announced massive layoffs in the month was crypto exchange Coinbase. Which sacked 1,100, representing 18% of its workforce. Video streaming company, Netflix also sacked 300 in the month, representing 3% of its staff. This brought its total layoffs within two months to 450, as the company had sacked 150 in May this year.


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