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Nairametrics

[REPORT] Nigerians Worked a Combined 139.2 Billion Hours in 2014

Nairametrics by Nairametrics
September 19, 2015
in Uncategorized
UACN Plans Right Issue…Tells Shareholders to Be Cautious

Source- Kokofeed

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The National Bureau of Statistics has released second quarter Labour Productivity Report for Nigeria showing labour productivity has increased slightly to N730.83 in Q2 2015 from N669.57 in Q1 2015 representing a 9.1% increase.

The report also reveals Nigerian workers clocked in a total of 139,274,059,524.51 hours in 2014 up from 3.4% from a year ago.

labour force  GDP at current prices (N)  Total  hours  worked per year  Labour productivity per hour/annum (N) Labour productivity per  – hour/annum (USD)*
2011 67,256,090 62,980,397,224,984.50 133,450,380,068.97 471.94 2.98
2012 69,105,775 71,713,935,062,171.60 129,986,885,620.18 551.7 3.51
2013 71,105,800 80,092,563,380,000.00 134,648,242,319.81 594.83 3.78
2014 72,931,608 89,043,615,256,190.20 139,274,059,524.51 639.34 3.77

The report also confirmed that Nigerians worked a total of  31,277,355,014.32 hours for the second quarter of the year. Despite this, Nigerians only produced N730 per hour and per quarter. The total productivity per hour for 2014 was N639.3 only very poor considering how hard we work.

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Period Q1 2015 Q2 2015
Labour Force 73,436,104 73,436,104
GDP Current (N) 21,041,701,096,899.80 22,859,153,010,296.10
Total Hours Worked Per Quarter 31,498,689,736.34 31,277,355,014.32
 Labour productivity per hour/qtr 669.57 730.85
 Labour productivity per hour/qtr (USD)** 3.5 3.71

What this means

This perhaps suggest Nigerians put in a lot of man hours everyday without producing the desired value in terms of output. For example, a Medical doctor working 9-5 every day probably charges less than his counterpart in a richer country.

 

Tags: News Review
Nairametrics

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