Chevron Nigeria Limited has announced it will lay off a quarter of its work force.
The firm said Friday it was “reviewing its manpower requirements in the light of the changing business environment”.
The company said it will continue to evaluate opportunities to improve capital efficiency and reduce operating costs.
“In this process, the company will be streamlining its workforce and improving service delivery and overall performance at all levels,” the company said in a statement signed by Esimaje Brikinn, General Manager, Policy, Government and Public Affairs.
The statement noted that the aim is to have a business that is competitive and 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,” he said.
According to him, the new organisational structures will, unfortunately, require approximately 25 per cent reduction in the work force across the various levels of our organisation.
“It is important to note that all our employees will retain their employment until the reorganisation process is completed,” he noted.
Chevron says it supports the Nigerian government in its objectives and efforts to build a prosperous Nigeria.