Macroeconomic Report & Economic Updates
April 11, 2016
Nigeria Economic Update (Issue 15)
Recent data on Nigerias labour market points to a
rise in the rate of unemployment and underemployment in 2015Q4. Specifically,
compared to 2015Q3, the rate of unemployment and underemployment rose to 10.4
per cent and 18.7 per cent from 9.9 percent and 17.4 percent respectively.
These statistics however masks the true situation of the youth employment in
Nigeria. Disaggregated data by age category shows that unemployment and
underemployment within the youth age category (15-24) was remarkably higher
than the national average, at 19 and 34.5 per cent respectively.
Related
Nigeria Economic Update (Issue 34)
Recent NBS data shows a significant decline in
power generated in 2016Q2. Precisely, power generated declined by 31 percent
(quarter on quarter) from a total quarterly average of 92,352 MWH in 2016Q1 to
63,692.39 MWH in 2016Q2. Remarkably, the reoccurrences of pipeline
vandalism in 2016Q2 prompted the shortage of gas for power generation. Thus,
there were about eight recorded system collapses in the quarter which led to
several days of power outages. However, subsequent quarterly declines in power
generation could be averted if efforts to repair vandalized pipelines and adopt
hydro sources are intensified.