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Macro-Economic News

South South States lead in Nigerian unemployment

The South-South geopolitical zone is the most affected region with 37.0% unemployment rate.

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CBN, Employment growth, NBS: FG not frustrating efforts to publish unemployment data 

Nigeria’s unemployment figures were released by the National Bureau of Statistics (NBS) on Friday. The NBS also released the most affected regions in Nigeria, as unemployment climbed to 27.1%.

According to the report, the South-South geopolitical zone is the most affected region with 37.0% unemployment rate, followed by the South East with 29.1%, the North Central with 27.9%, the Northeast with 27.9%, North West with 26.3%, and the South West with 18.0%.

(READ MORE:13.9 million Nigerian youth are unemployed – NBS)

Further details in the report showed that the South South states have a collective total workforce of 13,929,526. Out of this number, a total of 5,147,325 are unemployed, according to the report.

See more details below

  • Akwa Ibom State led in unemployment in the region at 45.2% and underemployment at 21.7%. 1,444,399 residents were recorded as unemployed with a total labour force of 2,534,495.
  • Rivers State came second with Unemployment at 43.7% and Underemployment at 19.8%. %. 1,714,189 residents were recorded as unemployed with a total labour force of 3,921,860.
  • Delta State in 3rd position with unemployment at 40.3% and underemployment at 20.1%. 1,005,848 residents were recorded as unemployed with a total labour force of 2,494,452
  • Cross River in 4th position with Unemployment at 31.6% and Underemployment at 26.6%. 618,484 residents were recorded as unemployed with a total labour force of 1,959,675.
  • Bayelsa recorded unemployment at 27.8% and underemployment at 20.6%. 287,671 residents were recorded as unemployed with a total labour force of 1,033,280.
  • Edo state had the lowest unemployment in the region at 19.0% and underemployment at 34.9%. 376,734 residents were recorded as unemployed with a total labour force of 1,985,765.

It is interesting to note that the oil rich South South states of Akwa Ibom, Rivers, Bayelsa, and Delta receive the highest FAAC allocation from the Federal Government monthly.

It is also important to note that the NBS classifies those engaged in agriculture as “employed” and this could be a factor as to why unemployment rate in the South South is high. This is because South South states like Akwa Ibom do not have the land mass needed for large scale farming compared to states in the North.

This notwithstanding, the truth remains that failure to quickly address the high unemployment figures in the region could lead to more crime and violence.

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Macro-Economic News

Nigeria’s foreign trade rises to N9.12 trillion in Q4 2020

Nigeria’s total foreign trade for the fourth quarter (Q4) of 2020 rose 8.8% to N9.12 trillion in Q4 2020

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Nigeria's foreign trade drops to N6.24 trillion, trade balance hits N1.8 trillion deficit in Q2 2020, Nigeria's current account worsens

Nigeria’s total foreign trade for the fourth quarter (Q4) of 2020 rose to N9.12 trillion, representing an increase of 8.88% compared to N8.38 trillion recorded in the previous quarter.

This is according to the foreign trade report, recently released by the National Bureau of Statistics (NBS).

READ: Nigeria’s foreign trade drops to N8.3 trillion, down by 18% in Q1 2020

According to the report, total imports stood at N5.93 trillion, 10.1% increase compared to N5.38 trillion recorded in Q3 2020, while total export rose by 6.72% from N2.99 trillion to N3.19 trillion.

Also, Nigeria’s trade balance plunged further by 14.3% from a N2.39 trillion deficit recorded in the third quarter of 2020 to N2.73 trillion deficit in Q4 2020.

 

More details shortly…

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Macro-Economic News

Transport fare watch: Motorcycle “Okada” commuters paid less in January 2021

Commuters on motorcycle per drop (Okada) paid less in January 2021 than they did in December 2020.

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Transport fare for motorcycle "Okada" more than doubled in 2020, Lagos State bans Gokada, ORide, MaxNG, others from 15 local governments 

The average fare paid by commuters for journey by motorcycle per drop decreased by 11.60% month-on-month and increased by 95.22% year-on-year to N259.33 in January 2021 from N293.36 in December 2020, according to the National Bureau of Statistics (NBS) report for the month of January 2021.

According to the report, commuters in  Taraba (N400.80), Yobe (N400.15) and Rivers (N400.00) paid the highest journey fare by motorcycle per drop while commuters in Adamawa (N84.22), Katsina (N134.90) and Kebbi (N152.05) paid the lowest journey fare by motorcycle per drop.

READ: Transport Fare: Motorcycle “Okada” commuters paid more in November

Other key highlights

  • The average fare paid by commuters for bus journey intercity decreased by 0.25% month-on-month and increased by 39.55% year-on-year to N2,346.41 in January 2021 from N2,352.19 in December 2020.
  • Commuters in Abuja FCT (N4,482.24), Lagos (N3,300.23) and Sokoto (N3,300.00) paid the highest bus journey fare intercity while commuters in Bayelsa (N1,600.45), Bauchi (N1,640.20) and Enugu (N1,687.45) paid the lowest bus journey fare within city.
  • The average fare paid by commuters for bus journey within the city decreased by 0.66% month-on-month and increased by 74.75% year-on-year to N352.15 in January 2021 from N354.49 in December 2020.
  • Commuters in Zamfara (N600.00), Bauchi (N522.75) and Ekiti (N458.77) paid the highest bus journey fare within city while commuters in Oyo (N189.46), Abia (N205.22) and Borno (N240.79) paid the lowest bus journey fare within city.
  • The average fare paid by air passengers for specified routes single journey increased by 0.02% month-on-month and by 18.27% year-on-year to N36,463.65 in January 2021 from N36,454.59 in December 2020.
  • Passengers in Anambra (N38,600.00), Cross River/Jigawa/Lagos (N38,500.00), Bauchi (N38,400.00) paid the highest airfare while States with lowest airfare were Akwa Ibom (N32,450.00), Sokoto (N33,700.00), and Gombe (N35,000.00).
  • The average fare paid by passengers for water way passenger transport increased by 3.68% month-on-month and by 38.58% year-on-year to N786.19 in January 2021 from N758.27 in December 2020.
  • Passengers in Rivers (N2,280.00), Delta (N2,250.45) and Bayelsa (N2,200.10) paid the highest fare by water while states with lowest fare by waterway passenger transport were Borno (N245.10), Gombe (N290.77) and Kebbi (N340.00).

READ: Transport fare for motorcycle “Okada” more than doubled in 2020

Why this matters

Transportation cost takes a huge portion of budget for most lower/middle-class Nigerians and as well takes not less than 20% of their take-home pay packages.

The drop in fares paid by the commuters on motorcycle per drop (Okada) is a welcome development.

Transport by motorcycle (Okada) has been popularly adopted in most cities by businessmen, government workers, and students to overcome traffic congestion, and for the advantage that it can navigate roads that are inaccessible to automobiles and buses, particularly in villages and urban slums.

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