The continuous increase in food inflation now at 40.2% has further worsened the welfare of Nigerians, as food becomes more expensive. The latest Selected Food Prices Watch for March 2024 by the National Bureau of Statistics (NBS) showed that the average price of 1kg of locally produced rice stood at N1340.74. This represents an increase of about 152.93% YoY from N530.08 recorded in March 2023 and a 9.63% increase MoM. The report also highlighted that the average price of 1kg of beef boneless increased by 73.78% YoY from N2479.61 to N4309.16 and 17.91% MoM; Beans brown also increased by 106.78% YoY from N596.96 in March 2023 to N1234.40 in March 2024 and 4.79% MoM.
May 20, 2024
Nigerian Economic Update (Issue 17)
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Nigeria Economic Update (Issue 51)
According to figures released by the Nigeria Bureau of Statistics, employment growth lagged during the recession period, and worsened unemployment/underemployment rates few quarters after. Specifically, unemployment rate rose to 18.8 percent in 2017Q31, up from 16.2 percent in previous quarter (the recession-exit quarter) and 13.9 percent in corresponding quarter. Disaggregated figures reveal that the number of unemployed and underemployed persons in the labour force increased by 17 percent and 2 percent respectively, to 15.9 million and 18.0 million in 2017Q3, majority of which are young persons within ages 15-34.