The National Burewu of Statistics has released its Labour Productivity figures for the period 2010 to 2014. According to the report Nigeria productivity per hour/annum in Naira was N639.34 up 52% from N419.7 in 2010.
Specifically, labour productivity refers to the quantity of labour input required to produce a unit of output. This is often the case, even though it is recognised that labour is NOT the only input utilised in the production process.
According to the report, although economic growth has been high and stable in Nigeria in recent years, constraints on productivity of labour and other factor of inputs continues to put a drag on overall economic growth.
Coupled with high unemployment rate, the Nigerian economy faces a considerable threat to realising its full growth potential due to productivity challenges.
First quarter of 2015 was N624.22.
