The Nigerian Economic Summit Group (NESG) has projected that the unemployment rate is likely to rise to 37 percent in 2023.
January 19, 2023 9:46 PM
The projected rate is almost 4 percentage points higher than the National Bureau of Statistics unemployment rate ofLaunching the 2023 outlook report, NESG said the country’s poverty headcount will increase to 45 percent.“The unemployment rate will increase to 37 percent and the poverty headcount will amplify to 45 percent due to weak performance in the job-elastic sectors, low labour absorption of sectors that will drive growth, and population growth estimated at 3.
It added that food inflation would remain the fundamental driver of inflation due to the enduring impact of flooding, increased production costs due to increased cost of credit, insecurity and displacement.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NESG predicts 2.98% real GDP growth, 37% unemployment rate - Daily TrustThe Nigeria Economic Summit Group (NESG) has said Nigeria’s Real Gross Domestic Product (RGDP) growth will average at 2.98 per cent in 2023 just as it said employment rate could reach 37%.
Read more »
Nigeria’s unemployment rate projected to hit 37% - NESGThe group said that inflationary pressure is expected to remain elevated, driven by structural, cost and monetary factors
Read more »
Zainab Ahmed hints at gradual removal of petrol subsidy from April 2023 | TheCableZainab Ahmed, minister of finance, budget and national planning, says the federal government may begin the gradual removal petrol subsidy from April 2023. Ahmed spoke on Tuesday during an interview
Read more »
Zainab Ahmed: Nigeria to spend 60% of revenue on debt servicing in 2023 | TheCableZainab Ahmed, minister of finance, budget and national planning, says Nigeria plans to bring down its debt service-to-revenue ratio to 60 percent this year. Ahmed spoke on Wednesday during an
Read more »
2023: ’I have my identity, credentials intact’ – Bakare fires back at TinubuThe Serving Overseer of the Citadel Global Community Church, Pastor Tunde Bakare, has hit back at the presidential candidate of the All Progressives Congress (APC) for the 2023 election, Bola Tinubu, saying he scored zero in the ruling party’s primary election with true identity and original credentials. POLITICS NIGERIA reports that Tinubu’s media handlers had …
Read more »
Osinbajo presides over first FEC meeting in 2023Vice President Yemi Osinbajo is currently presiding over the first Federal Executive Council meeting for 2023.
Read more »