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Business News

Nigeria’s unemployment rate hits all time high since 2014

The Nigerian Bureau of Statistics, NBS, has finally released the much anticipated unemployment report in the country, with the number of unemployed Nigerians at 20,927,648.

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Forbes, PricewaterhouseCoopers, PWC, Unemployment, NBS, Buhari, Election

The Nigerian Bureau of Statistics, NBS, has finally released the much anticipated unemployment report in the country, which puts number of unemployed Nigerians at 20,927,648.

Year on year, the unemployment rate increased from 18.8% during the third quarter of 2017, to 23.1% in the same period this year.

A closer examination of the report shows that this is the highest unemployment rate in Nigeria since Q3 2014 when the number of unemployed Nigerians was 7.27 million.

Since 2014, the unemployment rate in the country has significantly increased from 9.7% to 23.1%.

Note that this is first of such reports by the NBS in over a year, a situation that unavoidably stirred controversy in the country even as many people suggested that the Government was trying to doctor the figures.

Here are the key extracts from the report as obtained from the NBS

  • The total number of completely unemployed Nigerians increased from 17.6 million in Q4 2017 to 20.9 million in Q3 2018.
  • Out of the 20.9 million unemployed persons as at Q3 2018, 11.1 million did some form of work but for too few hours a week (under 20 hours) while 9.7 million people did absolutely nothing.
  • Out of the 9.7 million unemployed Nigerians who did absolutely nothing as at Q3 2018,  8.77 million were unable to work because they were first time job seekers. On the other hand, 9.9 million of the 9.7 million that were unemployed and doing nothing at all reported they were unemployed and did nothing at all because they were previously employed but lost their jobs at some point in the past which is why they were unemployed.
  • Out of the 9.7 million that were unemployed and did nothing at all, 35.0% or 3.4 million have been unemployed and did nothing at all for less than a year, 17.2% or 1.6 million for a year, 15.7% or 1.5 million had been unemployed and did nothing for 2 years, and the remaining 32.1% or 3.1 million unemployed persons had been unemployed doing nothing for 3 and above years.
  • The economically active or working age population (15 – 64 years of age) increased from 111.1 million in Q3, 2017 to 115.5million in Q3, 2018.
  • The number of persons in the labour force also increased from 75.94 million in Q3 2015 to 80.66 million in Q3 2016 to 85.1 million in Q3,2017 to 90.5million in Q3, 2018.
  • The total number of people in employment (i.e with jobs) increased from 68.4 million in Q3 2015, to 68.72 million in Q3 2016, to 69.09 million in Q3 2017 and 69.54 million in Q3 2018.

An unfortunate development

It is obvious that this is an unfortunate situation for Nigeria. A sharp increase in unemployment rate from 18.8% in 2017 to 23.1% a year later means only one thin more Nigerians are not working.

This, therefore, begs the question as to where all the jobs that have supposedly been created by the Government are.

To read the full unemployment report, download it here.

 

 

 

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Coronavirus

Covid-19: WHO approves China’s Sinopharm vaccine

WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

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The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

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Obituaries

“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

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A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

READ: Abba Kyari’s last letter to President Buhari

She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

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