Nigeria: Four Million Jobs loss in 2017
December 23 2017 By Abiodun Giwa
Four million Nigerians lost their jobs in 2017, and instead of employment rate climbing, it has gone down by two percent - in comparison to the previous year, major Nigerian newspapers reported.
What does this mean for the government in power? First, it isn't the type of report that any government will want to see in print, because the report does not show that the government is working hard enough to create jobs.
On the other hand, if the government believes that it has been working hard enough to create jobs or that it has created the enablement for the private sectors to create necessary jobs, that effort has yet to be seen in term of upward job numbers.
"Four million Nigerians have lost their jobs this year - NBS" the Punch newspaper headlines its report about the fall in employment in the country. And the Premium Times' headline reads, "Nigeria's unemployment worsens as 18.8 percent is jobless.". The news reports are based on figures released by the Nigeria Bureau of Statistics, showing that unemployment figures in the country have been moved upward from the first quarter of the year to the third quarter.
The NBS gives reasons for the state of unemployment increase as tied to recession and that after a recession, the evil effect may linger. But observers say there is still work for a government seeking a second term in office in two years time. However, some observers think this is not the time for the government to begin a campaign for reelection, but a time to get down to work to convince Nigerians that it deserves reelection, and that is by ensuring the employment rate ticks upward and not downward.
This is explained in a report in the Vanguard newspapers headlined, "Economic Recovery: "IMF advocates structural reforms, tight monetary policy". A call for urgent reforms and tight monetary policy for the country to sustain recovery from economic recession. Meaning that lack of necessary reforms could lead to renewed economic jeopardy..
The statement, credited to Amine Mati, IMF country's representative in Nigeria, shows that the problematic area is Nigeria's government's inability to make good its promise to seek revenue from other areas of the economy and not rely entirely on oil. But the good news is that the country has also been drawing revenue from agriculture along with revenue from oil. Showing that other sectors may not have been producing revenue for the country, agriculture has at least join oil in revenue.
What does this mean for the government in power? First, it isn't the type of report that any government will want to see in print, because the report does not show that the government is working hard enough to create jobs.
On the other hand, if the government believes that it has been working hard enough to create jobs or that it has created the enablement for the private sectors to create necessary jobs, that effort has yet to be seen in term of upward job numbers.
"Four million Nigerians have lost their jobs this year - NBS" the Punch newspaper headlines its report about the fall in employment in the country. And the Premium Times' headline reads, "Nigeria's unemployment worsens as 18.8 percent is jobless.". The news reports are based on figures released by the Nigeria Bureau of Statistics, showing that unemployment figures in the country have been moved upward from the first quarter of the year to the third quarter.
The NBS gives reasons for the state of unemployment increase as tied to recession and that after a recession, the evil effect may linger. But observers say there is still work for a government seeking a second term in office in two years time. However, some observers think this is not the time for the government to begin a campaign for reelection, but a time to get down to work to convince Nigerians that it deserves reelection, and that is by ensuring the employment rate ticks upward and not downward.
This is explained in a report in the Vanguard newspapers headlined, "Economic Recovery: "IMF advocates structural reforms, tight monetary policy". A call for urgent reforms and tight monetary policy for the country to sustain recovery from economic recession. Meaning that lack of necessary reforms could lead to renewed economic jeopardy..
The statement, credited to Amine Mati, IMF country's representative in Nigeria, shows that the problematic area is Nigeria's government's inability to make good its promise to seek revenue from other areas of the economy and not rely entirely on oil. But the good news is that the country has also been drawing revenue from agriculture along with revenue from oil. Showing that other sectors may not have been producing revenue for the country, agriculture has at least join oil in revenue.
Comment Box is loading comments...
