Unemployment in Nigeria
Nigeria - Unemployment
The economy likely remained under marked stress in Q3, following the steep GDP contraction in Q2 due to the pandemic-induced lockdowns and collapse in oil prices. According to secondary sources, crude oil output was down by over a fifth in Q3 from last year as the country increasingly stuck to OPEC+ cut commitments. Together with oil prices stagnating at weak levels in the quarter, the all-important energy sector likely continued to reel. Moreover, accelerating double-digit inflation and tight FX liquidity should have weighed on household purchasing power and general business operations. Meanwhile, leading data points to some improvement in conditions at the outset of Q4: The private sector PMI edged up on robust output and new orders growth, while firms turned markedly less pessimistic in October. That said, the outbreak of widespread violent protests that same month could have weighed on activity to some extent.Nigeria - Unemployment Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Unemployment Rate | 4.3 | 7.1 | 8.4 | 8.2 | 8.1 |
Nigeria Unemployment Chart
Source: National Bureau of Statistics
Nigeria Facts
| Value | Change | Date | |
|---|---|---|---|
| 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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Economic News
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Nigeria: Inflation ticks down to four-month low in June
July 16, 2021
Consumer prices increased 1.06% over the previous month in June, up from May’s 1.01% rise.
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Nigeria: PMI inches down in June
July 1, 2021
Business conditions in Nigeria’s private sector economy continued to improve at the close of the second quarter, albeit at a softer pace from the prior month as the Stanbic IBTC Nigeria Purchasing Managers’ Index (PMI) eased to 53.6 in June from 54.4 in May.
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Nigeria: Inflation inches down in May
June 17, 2021
Consumer prices rose 1.01% month-on-month in May, up from April’s 0.97% increase.
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Nigeria: PMI hits nine-month high in May
June 1, 2021
Business conditions in Nigeria’s private sector economy continued to improve, with Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) coming at a nine-month high of 54.4 in May, up from April’s 52.9.
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Nigeria: Central Bank stays put in May
May 26, 2021
At its 24–25 May meeting, the Monetary Policy Committee of the Central Bank of Nigeria stood pat, leaving the monetary policy rate unchanged at 11.50%.
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