BREAKING NEWS, Business
–
The army of unemployed Nigerians is on the increase as the National Bureau of Statistics put the figure at 10.4 percent for the fourth quarter of 2015 compared to 9.9 percent previously
| By Anayo Ezugwu | Apr 4, 2016 @ 01:00 GMT |
WITH the growing uncertainty over the economic direction of the President Muhammadu Buhari, the unemployment rate in the country has climbed to 10.4 percent in the fourth quarter of 2015 compared to 9.9 percent in the previous quarter. The National Bureau of Statistics, NBS, on Monday, March 21, stated that a total of 22.45 million of the total labour force of 76.96 million were either unemployed or underemployed in the fourth quarter compared to compared to 20.7 million in the third quarter and 19.6 million in the second quarter.
According to the unemployment/underemployment report for the fourth quarter of 2015, the number of unemployed increased by 518,102 persons, resulting in an increase in the national unemployment rate. The rate was recorded at 8.2 percent in the second quarter of 2015. It further stated that the labour force population that is to say those within the working age population willing, able and actively looking for work increased to 76.96 million from 75.94 million in the third quarter, representing an increase of 1.34 percent during the quarter.
According to the NBS, the economically active population or working age population that is to say persons within the ages 15 and 64 increased to 105.02 million in the fourth quarter, from 104.3 million in the third quarter, representing a 0.68 percent increase over the previous quarter and a 3.2 percent rise when compared to the fourth quarter of 2014. “This means 1.02 million persons in the economically active population entered the labour force that is individuals that were able, willing and actively looking for work.”
The NBS said the number of underemployed that is to say those working but doing menial jobs not commensurate with their qualifications or those not engaged in fulltime work and merely working for few hours increased by 1.21 million or 9.16 percent, resulting in an increase in the underemployment rate to 18.7 percent or 14.42 million persons in the fourth quarter from 17.4 percent or 13.2 million in the third quarter and 18.3 percent or 13.5 million in the second quarter of 2015.
The NBS used the International Labour Organisation, ILO, definition to compute its unemployment details. This definition refers to people who work less than full time, which is 40 hours, but work at least 20 hours on average a week. It also includes those that work full time but are engaged in an activity that underutilises their skills, time and educational qualifications. Drivers and cooks are considered employed since most of them fit into this time frame and their skills meet this methodology, while a farmer is underemployed if he only works during the planting season and remains idle until the harvest period.
The ILO previously forecasted a global unemployment rate of 5.9 percent in 2015 which implies that if Nigeria’s underemployment rate of 18.5 percent is subtracted from the current unemployed rate of 10.4 percent, her unemployment rate is higher than the global average. However, Nigeria’s 10.4 percent unemployment rate is better than that of 67 countries but still worse than 113 countries including 21 African countries whose unemployment rate is lower than 10.4 percent.
Despite the increasing number of unemployment in the country, the Nigerian Export Promotion Council, NEPC, has announced plans to create more than 1.5 million jobs in the next five years through Nigerian Diaspora Export, NDEX Programme. Segun Awolowo, director general, NEPC, said the NDEX programme had been part of the council’s efforts to rebrand the image of Nigeria, outside its shores, thereby generating more revenue for the nation.
“There is no doubt that the essence of our gathering today underscores the crucial role that Nigerians living in the Diaspora are expected to play in this programme, given that about 15 million Nigerians live abroad, generating over $21 billion so far as recorded by World Bank in 2013. Now this is just a paper work, it is likely the populations of Nigerians living abroad are more than that.
“The NDEX Programme is the one that seeks to leverage on the presence of Nigerians in Diaspora, using their advantage of creating a strong ‘External Demand Pull’ for indigenous foods, fashion and other products. We have emphasis on key areas, and they are the Nigerian Heritage City, NHC, the Nigerian Cuisine beyond Borders, NCBB, and the Diaspora Export of Non-Oil Products, DENOP.
“The NHC seeks to create a formalised hub where Nigerian products and services would be displayed just like we have back home in Nigeria. This would be established in countries where there is a large concentration of Nigerians like the United States and London, and this would be akin to the China towns that we have today.
“The NCBB, which entails the cuisine, would also rebrand the Nigerian foods from the packaging and cooking to meet up with international standards and world cuisine brands we know today. All these sub-programmes under this NDEX would create not less than 1.5 million jobs for Nigerians both within and outside the country, because it will definitely increase non-oil exports,” he said.
According to Awolowo, the programme would obviously bring about a high value addition to non-oil products and services in the country at a time when the nation needs to revive its manufacturing, agricultural and industrial sectors. He added that the programme would be boosted by the utilising the African Growth Opportunity Act, AGOA, and the Export Development Fund, EDF.
|
Tags:
