Unemployment in Nigeria

Nigeria Unemployment | Economic News & Forecasts

Nigeria - Unemployment

The economy shifted into a lower gear in the first quarter of 2019, with annual growth moderating from the over-three year high logged in Q4 2018. Weaker momentum in both the non-oil segment of the economy and a further deterioration of the all-important energy sector, which contracted for the fourth consecutive quarter, led the slowdown. That said, the manufacturing PMI climbed to a five-month high in April, suggesting the economy entered Q2 on stronger footing. In other news, last month President Muhammadu Buhari signed a bill which will raise the minimum wage by over 65% to NGN 30,000 per month. Although its full implementation will take some time, this bodes well for household incomes and thus consumer demand going forward. Meanwhile, on 9 May, Buhari nominated Central Bank Governor Godwin Emefiele—whose current term ends in June—for a second five-year term, signaling the continuity of monetary and FX policy ahead.

Nigeria - Unemployment Data

2013  2014  2015  2016  2017  
Unemployment Rate3.7  4.6  4.3  7.1  7.0  

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Nigeria Unemployment Chart

Nigeria Unemployment
Note: Unemployment, % of active population.
Source: National Bureau of Statistics

Nigeria Facts

Bond Yield14.550.0 %Jun 13
Exchange Rate306.53.08 %Jun 13
Stock Market0.10.0 %Jun 13

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