By Cecilia Ologunagba
The National Bureau of Statistics (NBS) says the nation’s labour inhabitants elevated from 83.9 million within the second quarter to 85.1 million within the third quarter of 2017, a distinction of 1.2million in extra workforce.
The NBS acknowledged this in its newest report, “Unemployment and Under Employment Report from 1st quarter to 3rd quarter 2017’’ launched on Friday in Abuja.
The NBS acknowledged that the full variety of folks in full-time employment (no less than 40 hours per week) declined from 52.7 million within the second quarter 2017 to 51.1 million in third quarters.
It acknowledged that the unemployment fee elevated from 14.2 per cent within the fourth quarter 2016 to 16.2 per cent in second quarter 2017 and 18.eight per cent within the third quarter, 2017.
The variety of folks with the labour drive who have been in unemployment or underemployment elevated from 13.6 million and 17.7 million respectively within the second quarter 2017, to 15.9 million and 18.zero million within the third quarter 2017.
It acknowledged that whole unemployment and underemployment mixed elevated from 37.2 per cent within the earlier quarter to 40.zero per cent within the third quarter.
During the third quarter 2017, the report acknowledged that 21.2 per cent of ladies inside the labour drive (aged 15-64 and prepared, ready and actively searching for work) have been unemployed, in contrast with 16.5 per cent with 16.5 per cent of males inside the identical interval.
According to the report, Nigeria’s financial progress has been decelerating since second quarter, 2014 culminating in an financial recession in second quarter, 2016.
It acknowledged that the technical indicator of a recession was two consecutive quarters of unfavourable financial progress as measured by a rustic’s gross home product (GDP).
The report acknowledged that the financial recession was technically over in second quarter of 2017.
However, it famous that a number of financial actions have been nonetheless contracting or recovering sub optimally, noting that an financial recession was in keeping with a rise in unemployment as jobs have been misplaced and new jobs creation was stalled.
The report acknowledged return to financial progress offered an impetus to employment.
However, it acknowledged that employment progress would possibly lag, and unemployment charges worsened, particularly on the finish of a recession and for a lot of months after.
In addition, it acknowledged that the unemployment fee, induced by a recession, sometimes peaks about 15-18 months after the start of a recession or 4 to eight months after the tip of a recession earlier than it returns to its pre- recession pattern.
This, it acknowledged within the case of Nigeria, can be a peak in fourth quarter which implies we’d solely anticipate unemployment to return to its regular pattern in 2018.
It acknowledged that the size of the lag would depend upon how deep and lengthy the recession was.
It famous that it will additionally depend upon how secure and quick the restoration was in addition to on the financial sectors driving the restoration, whether or not it’s labour or capital or intensive know-how.