The long delayed Q4’17 – Q3’18 job statistics has been released. In the report, Nigeria’s unemployment rate increased to 23.1% in Q3’18 from 18.8% in Q3’17. This is consistent with the slowdown in the Q3 GDP growth of employment elastic (labour intensive) sectors such as construction, transportation, manufacturing and real estate. On the other hand, the underemployment rate declined to 20.1% from 21.2% in Q3’17.
The increase in unemployment is an evidence of a fragile and non inclusive growth which needs new and bold fiscal incentives to boost the level of investment and gross capital formation.
In the attached bulletin, the FDC Think-Tank analyses the unemployment numbers for Q4’17 – Q3’18 and its implications on business and wider economy.
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