64 Years On, Nigeria Grapples With Unemployment, Soaring Inflation, Poverty, Rising Debt
According to the National Bureau of Statistics, Nigeria’s unemployment rate was 5.3% in the first quarter of 2024.
Nigeria is about to celebrate its 64th independence anniversary on October 1, 2024.
As the country marks this significant milestone, this report takes a look at where it stands in terms of employment.
According to the National Bureau of Statistics, Nigeria’s unemployment rate was 5.3% in the first quarter of 2024. However, a closer look at the data reveals that 26.8% of the working-age population is unemployed, which is a concerning statistic.
Some key highlights from the 2024 Nigeria Labour Force Survey show the country had a total labour force of 116.6 million people by the end of 2023, with 84.15 million employed.
The underemployment rate stood at 10.9% in the first quarter of 2024, indicating that many workers are engaged in low-paying or part-time jobs.
Also, 14.4% of young Nigerians are not in education, employment, or training, which raises concerns about the country’s future workforce.
Unemployment rates vary significantly across states, with Abia recording the highest rate at 18.7% and Nasarawa the lowest at 0.5% as of the end of 2023.
These statistics provide valuable insights into Nigeria’s employment landscape as it celebrates its 64th independence anniversary.
Nigeria is grappling with pressing economic issues as it approaches its 64th independence anniversary. The National Bureau of Statistics reports that 133 million people are multidimensionally poor, with a staggering 65% residing in Northern Nigeria.
The country’s debt situation is equally concerning. As of the first quarter of 2024, Nigeria’s debt portfolio had ballooned to N121 trillion, a significant increase from N87.91 trillion in September 2023. External debt servicing has also surged, reaching $2.78 billion in the first seven months of 2024.
Nigeria’s external debt has been on the rise, with a reported $41.6 billion in 2022, representing an increase from the $38.3 billion posted in 2021. The country’s debt service on external debt totalled $5.543 billion in 2020.
These economic challenges underscore the need for sustainable solutions to alleviate poverty and manage Nigeria’s debt.
The National Bureau of Statistics also put food inflation rate in its most recent data at 37.52%, with the data signalling high food inflation, given the increase from the 29.34% recorded in August 2023, a year earlier.
Inflation itself is at 32.15% per latest data of the National Bureau of Statistics, which was for August 2024. This represents an increase from 25.80% recorded in August 2023.
According to Transparency International’s Corruption Perception Index (CPI), Nigeria ranks 145th out of 180 countries, indicating a persistent challenge in tackling corruption.
As of October 2023, the price of a litre of petrol averaged N630.63 per details from the National Bureau of Statistics Premium Motor Spirit (PMS) price watch.
The data shows that Nigeria has recorded a growth in fuel price given that as of today, petrol sells for as high as N1,000 per litre.
Dollar averaged N772.6 in September 2023, but hovered around N1,600 as of the time of filing this report.
The government has declared a public holiday to celebrate the 64th independence ceremony.
