Nigeria Economic Alert - Unemployment rate to hit 30% amid the effect of COVID-19

Click here to unsubscribe. Nigeria Economic Alert - Unemployment rate to hit 30% amid the effect of COVID-19 September 2020 Dear Subscriber Our latest Nigeria Economic Alert provides an analysis of the latest unemployment figures from the National Bureau of Statistics. According to the NBS Labour Force Survey, Nigeria's unemployment rate was 27% in Q2'20 – four percentage points higher than the 23% reported in Q3'18. By the survey, the underemployment rate was 29% which is higher than the 20% recorded in Q2'18. When combined, 52% of the labour force is either without jobs or working below their potential. Some of the factors that account for the rise in unemployment and underemployment include: Low level of industrialisation in the country Slow economic growth Low employability and quality of the labour force Slow implementation of the national labour policy and, Lack of coordinating labour policies at the subnational level In this alert, our economists estimate that unemployment could reach 28% in Q3'20 and 30% by Q4'20 based on our internal models. The alert also looks at the impacts of inflationary trends on the economy as gives an outlook for the second half of the year while also making recommendations for curtailing the persistent rise in prices. Click the Download button below to read the Alert. Download Nigerian Economic Alert Contacts Andrew S. Nevin (PhD) Partner & Chief Economist andrew.x.nevin@pwc.com Omomia Omosomi Manager omomia.omosomi@pwc.com Follow us         You're receiving this email because you are listed as a client of PwC or have opted to subscribe to one or more of our email distributions. If you'd prefer not to receive updates, you have the right to withdraw your consent at any time. © 2001 - 2018 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. Legal Disclaimer | Site Provider | Privacy Statement

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