Inflation PHOTO: Shutterstock
The Coronavirus (COVID-19) pandemic so far has negatively affected the global economy and more severely developing nations of Africa particularly Nigeria. The COVID-19 has been devastating in terms of the impact on Nigeria’s economy, businesses, and households and still not looking abated. We have seen a troubling trend in the country in recent times, with, businesses and activities today facing increasing levels of competitive pressure and difficulties, coupled with persistent insecurity, and inflationary pressure where high price increases have continued in transportation, food cost, household needs, raw materials, pharmaceutical products, motor cars, vehicle spare parts, equipment, and in prices of services amongst others. The cost and price of virtually everything are much higher today, and it is because of inflation.
Savings, investments, and economic growth amidst inflationary pressures
By
Wed May 05 2021
The Coronavirus (COVID-19) pandemic so far has negatively affected the global economy and more severely developing nations of Africa particularly Nigeria. The COVID-19 has been devastating in terms of the impact on Nigeria’s economy, businesses, and households and still not looking abated. We have seen a troubling trend in the country in recent times, with, businesses and activities today facing increasing levels of competitive pressure and difficulties, coupled with persistent insecurity, and inflationary pressure where high price increases have continued in transportation, food cost, raw materials, pharmaceutical products, motor cars, vehicle spare parts, equipment, and in prices of services amongst others. The cost and price of virtually everything are much higher today.
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The recent unemployment report released by the Nigerian Bureau of Statistics (NBS) shows that the country hit
However, the
Speaking when he featured on ‘Sunday Politics’ a Channels TV programme, Ngige noted that the Buhari-led administration is currently implementing programmes such as the conditional cash transfer to address unemployment and poverty in the country.
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The labour minister argued that government cannot alone provide unemployment to all its citizens, adding that the responsibility of the government is to create an enabling environment for the private sectors to thrive and be able to provide employment.
“You cannot remove poor people in any country. You cannot remove unemployment in any country. Even in the United States of America, you have unemployment and underemployment and they are fighting it. They are even giving cash, especially with COVID,’’ Ngige said.
A third of Nigerians are unemployed: here s why
The Conversation
29 Apr 2021, 04:44 GMT+10
The Nigerian Bureau of Statistics recently published the country s unemployment rate for the fourth quarter of 2020, reflecting a continued deterioration during the COVID-19 year. The unemployment rate for this period stood at 33.3%. Ogechi Ekeanyanwu, from The Conversation Africa, asked Ndubisi Nwokoma, an economics professor, to provide the context.
How is unemployment measured?
Unemployment is when people are ready, able and willing to work, but do not find work. By the International Labour Organisation definition, a person is employed when they work at least 40 hours a week. The working age is regarded as between 15 and 60. Currently, 33.3% or 23.2 million of the about 70 million people who should be working in Nigeria are out of work. An acceptable level of unemployment would be 4%-6%.
A third of Nigerians are unemployed: Here s why downtoearth.org.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from downtoearth.org.in Daily Mail and Mail on Sunday newspapers.