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Unemployment Rates Highest in South-South States

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youths
  • Unemployment Rates Highest in South-South States

The data released by the National Bureau of Statistics on Friday revealed the high rate of unemployment rates across the South-South states despite huge oil exploration in the states.

According to the report that listed unemployment rates for every region in the country during the third quarter of 2018, states in the Southern part of the nation recorded the highest unemployment rates during the period.

Breaking down the unemployment report into six Geopolitical Zones in the country.

Geopolitical Zones Unemployment Rates Unemployment Percent
North Central states 3,204,235 27%
The North Eastern States 2,61,971 22%
North West states 3,871,637 24%
South East states 2,871,659 23%
South Southern states 5,385,608 32%
South West states 2,978,537 14%
Total unemployed Nigerians 20,927,648 23.1%

From the data, Southern states of the country recorded the highest unemployment rate with 5.4 million unemployed people or 32 per cent of the total number of unemployed Nigerians.

With the labour force of 16.7 million people, substantial internally generated rated revenue and billions of naira in monthly allocations, one would expect a better job number from the Southern states.

In fact, Akwa Ibom and Rivers, two of Nigeria’s richest states recorded 37 per cent and 36.4 per cent unemployment rates, respectively.

On the other hand, South West region created the most jobs despite its huge population. The labour force population was put at 21.4 million, with the number of unemployed persons standing at about 3 million or 14 per cent during the period under review. The lowest among the six geopolitical zones.

New job creation remained low across the Nigerian federation, especially among the youths with unemployment/underemployment rate of 55.4 per cent, higher than the national rate of 43.3 per cent.

World Bank, in a recent report titled ‘Pathways to Better Jobs in IDA Countries,’ stated that unemployment is not the main problem in low-income nations like Nigeria but huge underemployment due to too many idle hours is responsible for poverty in those economies.

The report further stated that people work in low-income nations because they cannot afford otherwise. Therefore, overqualified highly skilled employees are willing and ready to take up any available job just to get by.

The high underemployment rate in Nigeria validated the World Bank position that economic growth (GDP) in International Development Association (IDA) nations does not translate to job creation except it is an inclusive growth that is labour intensive.

Therefore, until Federal Government enhanced economic productivity through job creation, high underemployment and poverty will continue to undermine national growth.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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Economy

Fuel Scarcity: NUPENG to Commence Strike on Monday

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Petrol Importation

Lagosians Should Brace for Fuel Scarcity as NUPENG Embarks on Strike

Nigerians should brace for fuel scarcity as the national leadership of the Nigeria Union of Petroleum and Natural Gas (NUPENG) directed all petroleum tanker drivers to withdraw their services from Lagos State starting from Monday, 10 August 2020.

In a statement released by NUPENG on Friday, the union said the directive followed the failure of various authorities in Lagos State to address three major issues that had impacted the operations of petroleum tanker drivers in the state for several months.

The statement signed by the National President, Williams Akporeha and the General Secretary, Olawale Afolabi, NUPENG and titled title ‘NUPENG leadership directs withdrawal of services by petroleum tanker drivers in Lagos State with effect from Monday, August 10, 2020,’ noted that members of the union are frustrated and pained by the barrage of challenges faced while carrying out their activities in Lagos State.

NUPENG said, “The entire rank and file members of the union are deeply pained, frustrated and agonised by the barrage of these challenges being consistently faced by petroleum tanker drivers in Lagos State and are left with no other option but to direct the withdrawal of their services in Lagos State until the Lagos State Government and other relevant stakeholders address these critical challenges.

“It is sad and disheartening to note here that we had made several appeals and reports to the Lagos State Government and the Presidential Task Force for the decongestion of Apapa on these challenges but all to no avail.

NUPENG listed the major challenges faced by petroleum tanker drivers in Lagos State as extortion and harassment by various security agents and, area boys’ (miscreants).

This menace must stop and the leadership of these security operatives in Lagos State must go all out to call their men to order with immediate effect.

The Union added that it is sad that the security agents who were expected to ensure the free flow of traffic and protection of road users were the same people using their uniforms and arms to intimidate, harass and extort money from petroleum drivers in Lagos State.

Therefore, it said it had embarked on an indefinite strike to force the Lagos State Government to address the situation.

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Economy

NLC Gives Airlines Two Weeks to Reverse Mass Lay-offs

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Nigeria Labour Congress

NLC Goes After Bristow, Air Peace, Demands Reversal of Mass Lay-offs

The Nigeria Labour Congress on Friday rejected the recent sack of 100 Pilots by Air Peace, 70 Pilots by Bristow Helicopters and staff of the National Union of Air Transport union working with Turkish Air.

In a statement released by the Union, Mr. Ayuba Wabba, the President, NLC, described the action of the companies as “insensitive, callous and unjust”.

Earlier in the week, Air Peace, Nigeria’s largest carrier announced it would be letting go of 70 pilots as it struggles to curb the impact of COVID-19 on its finances.

This was followed by Bristow Helicopters’ announcement that it would be letting go of 100 Pilots and Engineers as it can no longer support them due to its decline in its financial position.

While the companies have blamed COVID-19 and lack of government support for their decision to cut costs to remain afloat, experts believed the decision was as a result of recent union activities of the affected staff.

Bristow staff had embarked on strike on Monday after talks between the Nigerian Association of Air Pilots and Engineers (NAAPE) and the management of the company broke down despite giving them three days strike warning.

Wabba said no worker should be sacked or penalised for participating in union activities.

He said, “The unilateral sack of executive members of the National Union of Air Transport Employees working with Turkish Airline is particularly distressing.

“These workers were sacked for fighting for the rights of Nigerian workers in Turkish Air.

“This is very reprehensible. We wish to remind Turkish Air that unionised workers cannot be punished or sacked for participating in trade union activities.

“This action is aimed at frustrating unionisation in Turkish Air and to enslave Nigerians working with Turkish Air.”

Wabba emphasised that the Union would not stop advocating for the dismissed workers. The President of NLC, therefore, called on the management of Turkish Air, Air Peace and Bristow Helicopters to reinstate all workers within two weeks.

He warned that failure to comply with the Union demand would be met with mas action across Nigeria’s workforce.

He said, “We call on the management of Turkish Air, Air Peace and Bristow Helicopters to reinstate all the sacked workers within two weeks.

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Economy

Brent Crude Oil Pulls Back to $44 Per Barrel

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Brent crude

Brent Drops from $46 Per Barrel to $44 on Friday

Brent crude oil, against which Nigerian oil is measured, pulled back on Friday morning during the New York trading session to $44 per barrel.

The commodity rose on Tuesday on hopes that the United States is working on a new economic stimulus package and signs that the world’s largest economy is making progress with COVID-19.

“Crude prices turned positive on stimulus hopes and after another positive round of economic data showed manufacturing recovery continued in June,” said Edward Moya, senior market analyst at OANDA.

Brent crude oil rose as high as $46.21 per barrel on Wednesday before pulling back to $44.47 per barrel on Friday amid concerns that the second wave of COVID-19 would eventually weigh on the demand for the commodity and disrupt whatever plans OPEC and allies have to curtail further decline in oil prices.

UKOilDailyUS Oil, West Texas Intermediate (WTI) crude oil declined from $43.49 per barrel it was sold on Wednesday to $41.35 per barrel on Friday.

However, experts think the new US stimulus would bolster market outlook and increase global oil demand with demand in consumer goods.

“Hopes are still running high for another round of fiscal stimulus,” said Stephen Brennock of oil broker PVM. “Failure to extend aid would deal a massive blow to the recovering U.S. economy and the fragile oil demand outlook.”

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