The International Labor Organization (ILO) recently released a report which highlights global trends of employment. The report noted that the sub-Saharan African region which is characterized by high informal employment would experience a 3.1 percent employment growth in 20205. However, this growth will be counteracted by the displacement of workers as a result of the COVID-19 pandemic. In March, the ILO noted that 38 percent of the global workforce would be displaced6 as a result of the pandemic. The high informal nature of the workforce in Nigeria, as well as limited social protection, stands to increase population vulnerability. Within Nigeria, the unemployment rate which stood at 23.1 percent in Q32018 has been steadily rising from Q12016 (10.4 percent)7. The current economic lockdown in addition to volatile global commodities markets further stands to drive the unemployment rate upward. One way to mitigate the impact is through a committed national economic diversification drive. Also, social investment and intervention programs should be strengthened and institutionalized to ameliorate the effect of poverty and unemployment on citizens.
April 29, 2020
Nigeria Economic Update (Issue 15)
Job Creation In Nigeria: Challenges, Opportunities And The Role Of Micro, Small And Medium Enterpris
This paper identifies the challenges of job creation in Nigeria and examines governments approach using the Micro, Small and Medium Enterprises to support Economic reforms.
Recent NBS data on Nigerias real GDP growth rate declined from -0.36 percent in 2016Q1 to -2.06 percent in 2016Q2. With negative GDP growth rate in two consecutive quarters, Nigeria records its first recession in 23 years. Both the oil and non-oil sectors continued to contract by -15.59 and -0.20 percentage points, respectively, relative to preceding quarter. The worsening growth rate in the oil sector was largely driven by the decline in domestic crude oil production by 14.5 percent relative to preceding quarter
The Nigeria Economic Chart Pack is a graphical display of relevant and periodic data to capture trends in the domestic economy. The report aims to illustrate the changes in economic trends with the aid of descriptive charts and a short note that describes the trend and drivers for the graphs.