Another 4.5m Nigerians unemployed in 2018 - World Bank

Another 4.5m Nigerians unemployed in 2018 - World Bank

- Five million Nigerians joined the labour force in 2018, the World Bank has said in its new report

- The international agency said of the total number of fresh Nigerians in the labour force, only 450,000 of them are currently employed

- According to the World Bank, Nigeria's economy is gradually recovering from the 2016 economic recession

As the unemployment rate in Nigeria continues to remain a challenge, the World Bank has said that a total of five million Nigerians have joined the labour force in 2018.

The World Bank has said that only 450,000 of the total number of recent Nigerians who joined the labour force are currently employed.

A recent report released by the banks Nigeria Economic Update (NEU) in Abuja on Monday, December 2, showed that the bank with population growth (estimated at 2.6 per cent) outpacing economic growth, per capita incomes are falling.

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The international bank in its report said that while Nigeria's economy is gradually recovering from the 2016 economic recession, a growth projection of 1.9 per cent to 2 per cent is expected between 2018 and 2019.

The international bank also stated that the expected growth is vulnerable to external and domestic risks including geopolitical and trade tensions that may affect inflows of private investment.

Nigerian Tribune reports that while the country can implement reforms capable of stalling these risks as against growing public demand for greater economic opportunities, the country's labour force is growing rapidly.

“Jumpstarting Inclusive Growth: Unlocking the Productive Potential of Nigeria’s People and Resource Endowments shows that Nigeria created about 450,000 new (net) jobs in 2018, partially offsetting the loss of 700,000 jobs in the previous year," World Bank said.

Meanwhile, Legit.ng previously reported that the minister of labour and productivity, Chris Ngige, said that Nigeria's unemployment rate would reach 33.5 per cent by 2020.

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Ngige said that the unavoidable increase of unemployment in the country was becoming alarming.

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Source: Legit

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