Mecho Autotech Cuts Workforce Amid Economic Pressures in Nigeria
- Mecho Autotech laid off an unspecified number of employees from its 40-person workforce.
- The layoffs were attributed to Nigeria's tough macroeconomic environment and FX instability.
- Remaining employees will transition to contract roles with severance pay equivalent to one month's salary.
The situation at Mecho Autotech underscores the vulnerabilities of startups in Nigeria's volatile economic landscape. While the company has made significant strides in connecting vehicle owners with services, its inability to adapt to economic pressures raises concerns about its long-term viability. The challenges faced by Mecho may serve as a cautionary tale for other startups in similar sectors.
