NIGERIAN UNEMPLOYMENT RATE 18.8%; 38th IN WORLD.

According to latest Labour statistics released by the Nigerian Bureau of Statistics today for the third quarter of 2017 about 15.99m Nigerians or some 18.8% of 85.08m work force were technically unemployed with the period.

These were Nigerians who either worked less than 20 hours in a week (8.46m) or had nothing doing at all (7.53m).

With this unemployment rate, Nigeria now most likely ranks 38th among the world's highest unemployment rate. This because, according to online reports, CIA World Factbook ranked worldwide unemployment by January 1 and put Nigeria at 52nd with 13.4% unemployment rate 

However, the NBS rate puts Nigeria higher up on the index which saw African countries accounting for 6 out of the top 10 nations in terms of unemployment rate.

Zimbabwe led the index with 95% unemployment rate, followed by Burkina Faso 77%; Djibouti 60%; Syria 50%; Senegal 48%; Kenya 40% and Democratic republic of Congo 36%.

Based on NBS estimate and even the CIA index, Nigeria ranks far ahead of its immediate neighbours: Cameroon, Niger, Benin republic in terms of unemployment rate but lower than that of South Africa, and also oil rich Gabon.

It also ranks higher than Ghana, Algeria, Tanzania, Uganda, Equatorial Guinea, Sierra Leone, Cote d'Ivoire, Central African Republic, Mauritius, Rwanda and Guinea.

Countries most likely with lowest unemployment rate according to the CIA Factbook were Cambodia 0.3%; Qatar 0.6%; Thailand 0.7% and from Africa, Republic of Benin 1%.

Of the 69.09m Nigerians working above 40 hours a week, and so considered employed, 45.47m or 65.22% were self employed made up of 25.47m and 20m engaged in Agricultural and non agricultural activities.

However, only Trade and Manufacturing employed % that was close their % contribution to the Gross domestic product, says NBS. In particular mining and quarrying, information and communication, and real estate contributed 11.17%; 8.69% and 7.52% to GDP respectively but employed only 0.17%; 0.55% and 0.09% of employed workforce.

According to the NBS, the break down of those Nigerians considered employed was 18.02m working between 20 and 39 hours weekly and 51.06m engaged for above 40 hours weekly.

Comments

  1. Oluwasegun Emmanuel Ojo23 January 2018 at 04:20

    As much as i give kudos to the NBS for great feat in the last few years, based on street reality, i believe the level of unemployment is far above the posted percentage.
    Over a quarter of Nigerians workforce are unemployed and nearly half of the employed are either underemployed or underpaid.

    More drastic step must be taken urgently to prevent threats and vices associated with teaming unemployment of active youths population.
    Nigeria is presently sitting on a time bomb that may detonate soon if not contained asap

    ReplyDelete
  2. HENATES23 January 2018 at 14:00

    Nice of you to give the Bureau of Statistics kudos for recent strides and I guess as most of these macro economic data get more realistic through more reported input from the populace we shall more effective figures on which to act more effectively.
    For now, even the nation's GDP is very much as estimate because of huge unreported economic activities.

    ReplyDelete

Post a Comment

Popular posts from this blog

2018: TWO BLOWS TO UNITED CAPITAL PLC.

When a child who in a previous examination scored 80%, comes home with a new report in which he now scores 67.2%, the parents have a right to sit him down and ask how come. So it must be between Nigeria's United Capital Plc and its discerning shareholders since the release of the company's 2018 audited figures. In 2018, all said and done, says the annual report, United Capital ended with 67.2 % profit margin compared to 80.2% in 2017. How come? What comes across from the figures was that the company received 2 blows to the jugular in 2018: Sharp drops in Investment income and fair value gain. Investment income dropped by 10.8% to N4422.8m from N4965.2m while fair value on financial assets plunged by 79.7% to N6.173m from 2017's N30.387m. In view of both drops, the group's gross earnings grew by only 33.9% to N9259.4m despite strong growths in net trading income, and net operating income leap to N757.5m from N143.5m  Other income streams ended with single digit increase....
Read more

KENYA AUCTIONS Ksh 13.84bn Treasury Bonds.

The Central Bank of Kenya (CBK) will from Tuesday December 18 to 27th 2018_ auction Ksh 13.84bn worth of fixed income Treasury Bonds with issue date December 17, 2018. According to official statement from the Director of Financial Markets Irene Njiru on Monday December 17, auction will continue throughout the stated period or close once the target money to be raised is reached, whichever comes first. Bid value will be paid for at most by 2pm December 31, 2018 while auction results will be made public on December 28, 2018 after the scheduled closing date. The bonds are being issued at 12.502% fixed interest at an adjusted average price of Ksh 100.468 for Ksh 100 bond. However, price payable after auction results publication will be average of successful bid prices based and allotment will be on first come first served basis. Meanwhile, the monetary operations and debt management department has released the interest payment schedule for 13 Treasury Bonds due January and February 2019. Th...
Read more

NAIROBI SE's HIGH PRICED EQUITIES.

In the wake of Nigeria's high priced quoted companies posted in this blog a while ago, Henates took a look to at Nairobi Securities Exchange June 23 official list to identify its high priced equities and the outcome was interesting too. Of the 66 companies quoted on the market by June 23, 15 or 22.7% were valued averagely at above 30 times nominal value. A word of caution though: There are two clear differences between the Nigerian stock market list and that of Nairobi: In the Nigerian one most listed companies have par or nominal value of N0.50 as is there is an implied agreement on this. On the other hand, at Nairobi most of the equities do not share common par value, they differ greatly. Then another thing, Nigerian equities are not valued below par, Nairobi ones can and many are so valued. Of the top 15 high priced equities at the Nairobi market, Safaricom topped with because by June 23, at 23.25 Ksh average price, it was valued 465 times its nominal value of just 0.0...
Read more