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Unemployment rate in Nigeria increased in 2017 - World Bank

Unemployment rate in Nigeria increased in 2017 - World Bank

- Nigeria’s unemployment rate increased slightly in 2017, according to the World Bank

- It said constraints in the nations’ connective infrastructure has reduced producers and firms’ ability to reach wider markets

- The institution also pointed out that spatial fragmentation and limited connections hurt the nation’s welfare and prospects for poverty reduction

The World Bank has stated that Nigeria’s unemployment and underemployment rates increased in 2017.

The disclosure was indicated in the bank’s ‘Nigeria Bi-annual Economic Update’, Punch reports. gathers that the report indicated that poverty increased slightly in Nigeria in 2017, even though the country emerged from recession in that year.

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The report stated: “The decline in the non-oil, non-agriculture sector, however, continued, as aggregate demand remained weak and private sector credit low.

“The rates of unemployment and underemployment increased in 2017 and poverty is estimated to have increased slightly. Gross Domestic Product growth in 2018 is expected to hover just over two per cent, largely oil sector-driven.

“Nigeria has a big home market, which is constrained by limited connective infrastructure, thereby reducing producers and firms’ ability to reach wider markets.

“This lack of connectivity dampens economic collaboration and cooperation among the country’s regions, limiting market integration and reducing producers and firms’ ability to reach wider markets.

“Spatial fragmentation and limited connections also hurt welfare and prospects for poverty reduction.”

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Meanwhile, previously reported that the World Bank identified three ways in which the 36 states of the federation and Abuja can survive economic challenges.

The global identified the three solutions as ensuring sustained reforms to increase internally-generated revenues, improving spending efficiency, and strengthening debt management and fiscal transparency.

According to the World Bank, implementing these three strategies would ensure sustainable growth of the nations’ economy.

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