- Nigeria’s Unemployment Rate Jumps to 23.1% in Q3
The high unemployment rate in Nigeria has taken a new turn in the third quarter (Q3) of 2018 despite efforts by the current administration to enhance job creation and deepen growth.
The number of economically active people (between age 15-64) rose from 111.1 million in Q3 of 2017 to 115.5 million in Q3, 2018, according to a Labour Force Statistics released by the National Bureau of Statistics (NBS) on Wednesday.
The total number of people in the labour force, those who are able and willing to work, increased from 75.94 million in Q3 2015 to 80.66 in Q3 2016; 85.1 million in Q3 2017 and 90.5 million in Q3, 2018.
The total number of people with jobs rose 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.
While the number of people in full-time employment, those working at least 40 hours a week, climbed from 51.1 million in the same quarter of 2017 to 51.3 million in Q3 2018.
The total number of people in part-time employment or underemployment, which decreased from 13.20 million in Q3 2015 to 11.19 million in Q3 2016, increased from 18,02 million filed in Q3 of 2017 to 18.21 million in the third quarter of 2018.
The total number of unemployed persons, those that did nothing at all or worked less than 20 hours a week rose from 17.6 million recorded in Q4 of 2017 to 20.9 million in Q3 2018.
However, out of the 20.9 million classified as unemployed, the NBS said 11.1 million of the number did some form of work but with far too few hours to be officially tagged employed. The remaining 9.7 million did nothing as 8.8 million of that number were first-time job seekers that have never worked before.
Therefore, putting the national unemployment rate at 23.1 percent in the third quarter of 2018, up from the 18.8 percent filed in Q3 2017.
Again, the combined number of unemployment and underemployment rates rose to 43.3 per cent in the quarter, a 3.3 per cent increase when compared to 40 per cent of Q3, 2017.
The youths unemployment rate declined slightly from 30.50 per cent in the second quarter of 2018 to 29.7 per cent in the third quarter. Still, higher than the 25.5 per cent filed in Q3, 2017. Youths underemployment stood at 25.7 per cent in Q3, 2018.
The combined number of youths either unemployed or underemployed rose to 55.4 per cent in the quarter, higher than the 52.6 per cent from the same period of 2017. Another indication of rising youth unemployment and underemployment when compared to the national combined rate of 43.3 per cent.
Despite six consecutive quarters of economic growth, Nigeria has failed to enhance new job creation and sustained old ones. A substantial number of the 9.7 million unemployed Nigerians said they were previously employed but lost their jobs due to harsh economic condition.
The economy grew at 1.81 per cent in the third quarter but that has failed to translate to job security or new job creation, not even numerous capital projects were able to absorb enough workers to ease growing unemployment rate.
Rising unemployment rate, falling forex reserves, high-interest rates, and weak consumer confidence in the economy are some of the factors impacting growth in recent months, and with the global oil price trading at $58 a barrel, far below the $86 attained in October, Nigeria may struggle even more in 2019 if global economy continued to slow amid protectionism.
President Buhari earlier today presented the 2019 proposed budget of N8.8 trillion to the joint session of the senate and house of representative. Again, funding remained a concern as national debt as already risen to over $73 billion.
NNPC Supplies 1.44 Billion Litres of Petrol in January 2021
The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.
The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.
NNPC said the 1.44 billion litres translate to 46.30 million litres per day.
Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).
The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.
Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.
For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.
Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.
Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.
NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021
The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.
This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).
The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.
It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.
NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.
Nigeria’s Food Inflation Hits 22.95 Percent in March 2021
Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.
Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.
Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.
On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.
Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.
Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.
The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.
However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.
Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.
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