Unemployment in Nigeria
Nigeria - UnemploymentThe coronavirus pandemic, lockdown measures put in place in major economic hubs, and depressed global crude prices have completely derailed the economy's already-fragile recovery from its 2016 recession. On the heels of the oil price crash in March, the private sector PMI plunged to a survey record low in April as evaporated demand crushed output and new orders. Notably, disruptions to supply chains and tighter FX liquidity are also likely to stoke inflationary pressures. This, coupled with authorities' indication of abiding to the OPEC+ agreement struck in April to cut output in May and June, will be pummeling the economy in Q2. In a bid to ease the economic pain, authorities started to gradually lift the lockdown in early May. Although this should enable an improvement in activity in the vast informal sector, possible retightening due to continued health concerns could exacerbate the economic impact.
Nigeria - Unemployment Data
5 years of economic forecasts for more than 30 economic indicators.
Nigeria Unemployment Chart
Source: National Bureau of Statistics
|Bond Yield||11.10||0.0 %||Dec 31|
|Exchange Rate||306.5||3.08 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
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May 28, 2020
At its 28 May meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided to slash its monetary policy rate by 100 basis points to 12.50%, marking the first rate cut since March 2019 and bringing it to a four-year low.
May 25, 2020
Economic activity lost steam in the first quarter, with GDP increasing 1.9% (Q4 2019: +2.6% year-on-year).
May 21, 2020
Consumer prices rose 1.02% over the previous month in April, picking up from the 0.84% increase seen in March.
May 6, 2020
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) sank from 53.8 in March to 37.1 in April, the lowest reading since data collection began in January 2014.
April 20, 2020
Consumer prices rose 0.84% on a month-on-month basis in March, up from February’s 0.79% increase.