Under Buhari’s presidency, Nigeria’s unemployment rate rise by 23.1% in Q3 in 12 months

Date:

LAGOS, Dec 19 – With the 2019 general elections around the corner and politicing of who’s going to become the Next president come February 2919, Nigeria’s unemployment rate has 23.1 percent of the work force in the third quarter, up from 18.1 percent a year earlier, the head of the statistics office Yemi Kale said on his official Twitter feed on Wednesday.

Thank you for reading this post, don't forget to subscribe!

The economy is a major theme of debate in the lead-up to elections in 2019. President Muhammadu Buhari came to power in 2015 campaigning to fix the economy, but his term has been marred by the country’s first recession in a quarter of a century and a sluggish recovery since 2017.

“As of Q3 2018, the calculated unemployment rate was 23.1 percent, the underemployment rate was 20.1 percent, and the combined unemployment and underemployment rate was 43.3 percent,” the National Bureau of Statistics (NBS) said in its report published on Wednesday.

“While the Q3, 2018 results show a rise in the rate of unemployment, it also depicts a slowing down in the rate of increase in unemployment, which is usually the first sign of improvement in reducing unemployment,” it said.

Atiku Abubakar, the main opposition candidate in the coming election, has vowed to get one of Africa’s largest economies back on track and secure jobs for the work force in a country of roughly 190 million people, saying that if elected he would aim to double the size of the economy to $900 billion by 2025.

The NBS last released employment data a year ago when it said unemployment stood at 18.8 percent in Q3 2017 but Kale said on Twitter on Wednesday that it had stood at 18.1 percent then.

Earlier this year he also said on Twitter that the stats office did not have sufficient funds to compile employment data.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

Share post:

Subscribe

Popular

More like this
Related

Soldiers Massacre: “Defense Headquarters Reveals Identities of Fallen heroes in Okuoma Community Attack”

The Defense Headquarters has revealed the identities of the...

US warned Niger about ties to Russia, Iran before junta revoked accord, Pentagon says

WASHINGTON, March 18 (Reuters) - U.S. officials traveled to...

“Potential Trump Presidency: Concerns Rise Over US-Africa Relations”

If Donald Trump secures victory in November's US presidential...

“Sanwo-Olu, Anyaoku, Adebanjo, and Others Call for New Nigerian Constitution”

SANWO-OLU, ANYAOKU, ADEBANJO, OTHERS DEMAND NEW NIGERIAN CONSTITUTION ...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading