It’s time to summarise the major company news stories that dominated the headlines during the week that ended November 26, 2022. This newsletter is brought to you courtesy of Quidax.

More job losses in the tech ecosystem

Unfortunately, the tough economic realities in Nigeria are forcing more tech startups to downsize. The latest to do so is Quidax, one of Nigeria’s leading crypto exchange platforms. Last week, the company announced that it has laid off about 20 of its staff, representing 25% of its workforce.

To avoid misunderstanding, Quidax clarified that the layoffs are not in connection with the FTX saga. The company said it has no relationship with the troubled American crypto exchange. Instead, the decision to lay off the workers was mainly due to the effect of Nigeria’s economic downturn.

Another tech company that might be downsizing its workforce anytime soon is Jumia. The e-commerce giant  announced drastic measures to significantly reduce its operating costs. As part of these measures, Jumia said it would reduce its staff costs by creating a “leaner” team.

The loss-making company said the measures would help it to reduce its losses and move towards profitability. Other strategies the company would be adopting discontinuing its First Party grocery offerings in geographies where it remains sub-scale and reviewing its free shipping programme.

Another exit from Nigeria

Meanwhile, SweepSouth said it will shut down its Nigerian operation effective from November 25, 2022. The South African cleaning services startup explained that its decision to exit Nigeria was due to the ‘unfavourable global macroeconomic development’. The move is coming just months after the company launched its operations in Nigeria.

SweepSouth is the second South African company to announce its exit from Nigeria in the past month. Last month, Game Store announced that it will leave the country by December 25, 2022.