Unemployment in Nigeria is running at around 19.7 percent on average, but almost half of 15-25 year olds living in urban areas are jobless, Finance Minister Olusegun Aganga said on Friday.

Aganga, a former Goldman Sachs executive who took over as finance minister two months ago, said Nigeria was also looking at using financial instruments to hedge its exposure to volatile world oil prices but gave no further details.

http://234next.com/csp/cms/sites/Next/Home/5576802-146/nigerian_unemployment_around_19.7_percent_finance.csp

19 percent ke ? Is He madddd?

He is really really crazy, when he should be talking of 80 something percent.

He as lost touch with reality!Where did he get the data?does he even know the population of Nigeria?

its b'cos they know Nigerians r "political fools"(who would tolerate evry rubbish they spew).bloody cocksuckers

sorry for the mix up guys, the error can be ascribed to the decimal figure.

pls omit the decimal and read the figure as 197 Percent instead.

Shock:

sorry for the mix up guys, the error can be ascribed to the decimal figure.

pls omit the decimal and read the figure as 197 Percent instead.

hehehehehe. . .

Maybe he meant 79.1 %.
He should get his facts right before making serious mistakes,

Nah, it has to be more than that.
These ppl are lying! And how was the research accomplished? 

FL Gators:

Nah, it has to be more than that.
The ppl are lying! And how was the research accomplished? 

The Nigerian Way of doing research na.
Do you want to give us a bad name?

cantell:

The Nigerian Way of doing research na.
Do you want to give us a bad name?

I'd really want to know the Nigerian way . . .  .Since both employees/employers do not report their employment status.
Nigeria does not need my help for that.

A job is a regular activity performed in exchange for payment. the average Nigerian is self employed selling theirs goods or services in informal markets such as hawkers, okada, drivers, market traders, vendors etc. all thoses are considered jobs. so yea, at worst nigeria's unemployment rate should be in the 25-30% and not the 80% some people are saying on here.

The punk asre minister should be fired for quoting figures from labors statistics from UK or USA. What a slowpoke. Modestly, unemployment record of Nigeria can not be less than 200%

[size=15pt]Nigeria’s unemployment rate rises to 10m
[/size]

Statistics on the nation’s labour force just released by the National Bureau of Statistics (NBS) has indicated that about 9,969,649 Nigerians were unemployed as at March, 2009.

The report, the latest on Nigeria’s employment rate, further indicated that the total unemployment rate constituted about 19.7 percent of the entire labour force put at 50,607,355 and had risen sharply from 14.9 percent recorded in March, 2008. The rate is the highest since 2000.

NBS defines unemployment rate as the proportion of labour force that are qualified to work but did not work in the week preceding the survey period for at least 39 hours.

Total Labour Force, according to the National Population Commission (NPC), comprises all persons aged 15 to 64 years excluding students, home-keepers, retired persons and stay-at-home parents, and persons unable to work or not interested in work.

For many years, high unemployment rate has been a key challenge to the Nigerian government, aggravating youth restiveness and other vices in all parts of the country, particularly the Niger Delta region. In fact, a World Bank report on ‘Employment and Growth’ released late last year indicated clearly that Nigeria was facing a growing employment crisis, with youth unemployment on the rise.

“The share of young people between the ages of 15 and 24 outside the labour force is growing, despite the country’s strong growth performance over the years,” the bank strongly noted. There are even greater concerns that the number of people without jobs now may have increased considerably following mass sack especially in the banking sector prompted by the Central Bank of Nigeria’s (CBN) reform of that particular segment of the economy.

For instance, it was reported that as much as 7,500 of the banking staff lost their jobs as at February and still counting.

The NBS report obtained by BusinessDay noted that unemployment was highest in Bayelsa State, one of the states in the Niger Delta region, followed by Katsina State and then Akwa Ibom, also a Niger Delta state. However, Plateau State recorded the lowest rate of unemployment followed by Ogun State, then Benue.

Distributing unemployment rate by groups, the Bureau reported further that of the total Nigerians without jobs, the highest number of the unemployed fell within 22 and 44 years age bracket, indicating that the young and vibrant Nigerians suffered more unemployment challenges than the younger and older folks. Following closely were those between 15 and 25 years while the elderly who the Bureau classified into 45 and 64 years had the least unemployment level.

The figure was also higher for secondary school leavers and university graduates than for those that have more than first degree, the Bureau stated. Gender dis-aggregation showed that among the volume of unemployed persons in the country, males were more dominant that females.

World Bank in its earlier report had also warned that “unless constraints to growth are removed systematically in those industries that are particularly employment intensive and stand a chance of being competitive globally, it is unlikely that these trends will be reversed, further exacerbating tensions and youth unrest”. NBS further noted that even the available jobs come with less wages as many employed Nigerians desired to change their jobs on the basis of poor remuneration.

In the report it noted that more than seven out of every ten (70.5 percent) employed people seeking new jobs gave low income as reason they wanted to leave their present jobs. However, 16.8 percent of the people that wanted to change jobs claimed their present jobs do not match their skill while only 2.3 percent claimed their tools were grossly inadequate.

NBS conducts Labour Force Survey to generate quick results on labour force indicators and in 2004 it was incorporated into the Annual Collaborative Survey on Socio-Economic activities jointly implemented by the Bureau, CBN and the Nigerian Communications Commission.

The survey is to measure the magnitude of and distribution of principal indicators on employment at some level of dis-aggregation. It also provides data on major indicators on unemployment for timely policy formulations and programme interventions as well as present a summary data report on unemployment before the main report is published.

http://www.businessdayonline.com/index.php?option=com_content&view=article&id=11422:nigerias-unemployment-rate-rises-to-10m-&catid=85:national&Itemid=340

People rubbishing the 19 %, should keep quiet the above quote says @ 2009 unemployed rateis 10 million which means that 140 million have jobs sp this 19 % can be believed

xterra2:

People rubbishing the 19 %, should keep quiet the above quote says @ 2009 unemployed rateis 10 million which means that 140 million have jobs sp this 19 % can be believed

Are you retarded? So you're telling me that from 2009-2010, 130 millions were employed and yet there's nothing to show from it?
Which compaines were built to offer this million people jobs?

FL Gators:

Are you retarded? So you're telling me that from 2009-2010, 130 millions were employed and yet there's nothing to show from it?
Which compaines were built to offer this million people jobs?

You should ask yourself whether you are retarded? you said So you're telling me that from 2009-2010, 130 millions were employed and yet there's nothing to show from it? it is safe to say i didnt say that exactly,Aganga and the bussiness day said so,
Notin to show from it?See they may be employed but earning 6,000 monthly (yes very poosible) or even less day (even more possible) but what do you want them to show seriously? Bently?
Which compaines were built to offer this million people jobs? i tink companies are not built industries are, but whateva companies like ABC transport for example,or other companies alike are getting some new cars and they employ drivers withough neccessary building companies or industries whatsoever,
THis is good news cut a cake to celebrate!

xterra2:

You should ask yourself whether you are retarded? you said So you're telling me that from 2009-2010, 130 millions were employed and yet there's nothing to show from it? it is safe to say i didnt say that exactly,Aganga and the bussiness day said so,
Notin to show from it?See they may be employed but earning 6,000 monthly (yes very poosible) or even less day (even more possible) but what do you want them to show seriously? Bently?
Which compaines were built to offer this million people jobs? i tink companies are not built industries are, but whateva companies like ABC transport for example,or other companies alike are getting some new cars and they employ drivers withough neccessary building companies or industries whatsoever,
THis is good news cut a cake to celebrate!

I want to see sign of economic growth. . . .

You're full of assumptions, ma dear. Can you or can you not prove to us with articles or solid facts that from last year to this year any economic growth/any change that 130million more ppl were employed.

There's no good news if we cant be sure of the statistics. . . .

GAR3TH:

A job is a regular activity performed in exchange for payment. the average Nigerian is self employed selling theirs goods or services in informal markets such as hawkers, okada, drivers, market traders, vendors etc. all thoses are considered jobs. so yea, at worst nigeria's unemployment rate should be in the 25-30% and not the 80% some people are saying on here.

Nigeria has a huge underground economy. Policy makers have to ignore figures in an underground economy since it does not contribute to GDP. In the same vein you cannot include employment figures from the underground economy in employment statistics of a country. Hawkers, okada drivers, etc in Nigeria rarely pay taxes and as such their employment must be disregarded. Besides, there are many graduates in Nigeria who are earning a living in the underground economy. Even such people are working part-time as drivers, okada riders, hawkers, they haven't lost hope of securing employment and still consider themselves as jobseekers. Nigeria's unemployment figures are likely to be considerably higer than 20%. Spain, which similarly has an underground economy, has unemployment figures of 19.7% and Spain has the 9th largest economy in the world according to the CIA factbook and the IMF.

xterra2:

People rubbishing the 19 %, should keep quiet the above quote says @ 2009 unemployed rateis 10 million which means that 140 million have jobs sp this 19 % can be believed

uumm . . . . that is not even what it says. Please do your homework at least

@Garth, I know business Day purports to have obtained it's information from the National Bureau of statistics but what about obtaining data on how exactly the bureau was able to obtain this information. In a country of almost 150 million people, I find it hard to believe that the workforce(15 to 64 years excluding students) is just about a third of the population. And you mention that many are self-employed, and I ask how many are registered small businesses? I mean if I sell wares occassionally or even regularly over, say craigslist (not registered and not paying taxes), would I still be considered self-employed in this economy?

Being fully employed should be something like earning like 200k per month, which more than 90% Nigerian don't earn. Majority of Nigerians are underemployed not to talk of the unemployed. I believe what the senators are planning is just mere scheme. And even on a good day, they will never allow such bill to be passed, if it's particularly good for the populace.

Who knows how many Nigerians are Nigerians to begin with?. . . . and if you are so quick to scream "we are 150million" then you are prob the dumbest person to walk God's earth!


A country without appropriate approximate statistics of its citizenry's population or birthrate declares 19.7 percent unemployed, and the same country plans to dish out 15k on a monthly basis to this unemployed 19.7 percent----sounds like a convenient way to loot money, no questions asked.

There aren't statistics of recorded deaths and birth certificates can be obtained on the streets, some dead folks of over 7 years still have their name coming up in the government payroll, while some pensioners who have spent the best part of their lives in government service were told "sorry sir, your name does not appear anywhere in our register" .---of course, that's being too polite.

In the northern part of the country, some folks with extremely abnormal high libido levels keep churning out kids like ants, of course, there aren't hospitals to take record of this.

And here we are at the same spot, we keep saying "we are 150 million people" and some ídiot thinks "of course Nigerians don't know any better"

Mr Minister, pls there is a mistake in ur figure. Only Lagos alone the population of unemployed
is more than that ur figure.

FL Gators:

I want to see sign of economic growth. . . .

You're full of assumptions, ma dear. Can you or can you not prove to us with articles or solid facts that from last year to this year any economic growth/any change that 130million more ppl were employed.

There's no good news if we cant be sure of the statistics. . . .

OKay Can you or can you not prove to us with articles or solid facts that from last year to this year any economic growth Okay remember the article that said Nigeria is the 33rd largest economy in the world? Damn i was sad to see people criticizing it, Economy Growth Gators you see, This with no light,no infrastructure if the government gives us 6,000 mw we shall see RAPID economy growth, but still there is economy growth i think this support it,
And please what does it mean if the citizens of a country live under $1 under a day cause Nigerians now live $2 a day tell me what does it mean first (i dont know) and if living under $2 a day means improvement then i will show you where i got my this

xterra2:

OKay Can you or can you not prove to us with articles or solid facts that from last year to this year any economic growth Okay remember the article that said Nigeria is the 33rd largest economy in the world? Damn i was sad to see people criticizing it, Economy Growth Gators you see, This with no light,no infrastructure if the government gives us 6,000 mw we shall see RAPID economy growth, but still there is economy growth i think this support it,

Dude, YOU ARE making way too many assumptions here. The reported growth has no bearing on actual improvements on the lives of average Nigerians.

xterra2:
And please what does it mean if the citizens of a country live under $1 under a day cause Nigerians now live $2 a day tell me what does it mean first (i dont know) and if living under $2 a day means improvement then i will show you where i got my this

Again you are making some outrageous assumptions here. Actually, even with the "RECORDED GROWTH" it was also reported that MORE Nigerians have fallen under the poverty line. The poverty line, by the way, was moved from $1 a day to $2 dollar a day. That has nothing to do with IMPROVEMENT but simply that a decision was reached that it was better to consider those living on less than $2 dollars a day rather than just those living on less than $1 a day.

xterra2:

OKay Can you or can you not prove to us with articles or solid facts that from last year to this year any economic growth Okay remember the article that said Nigeria is the 33rd largest economy in the world? Damn i was sad to see people criticizing it, Economy Growth Gators you see, This with no light,no infrastructure if the government gives us 6,000 mw we shall see RAPID economy growth, but still there is economy growth i think this support it,
And please what does it mean if the citizens of a country live under $1 under a day cause Nigerians now live $2 a day tell me what does it mean first (i dont know) and if living under $2 a day means improvement then i will show you where i got my this

I cant even understand where you're going with this?

the minister must be out of touch, it is more like 35-40 %, unless you are including beggars on the streets and the kidnappers as well.

Numbers can be manipulated . . .

The best way to really know what's happening is first to find out how many graduates work in white collar jobs.
How many of the so-called 'self-employed' really make enough to hit the national average. . . some 'System Engineers' sit home and do nothing because they are basically unemployed graduates that decided that a computer course will make them get rich.

Give us the rates for people that are under-employed to start with.

Let no one blame the guy, he is following the job description. (eil)

it is impossible to believe this man was not under the influence of 2 day unfermented urine when he made that comment.
how can you ascertain such stats when you do not even have a relieble census figure?
a large portion of the populates are engaged in the informal economy?
a large portion of companies are not registered and those who are do not have to report their staff strength to any govt agency?

India and China would be holding census in the next 12 months, with a population of over 1 billion each, i guess we need to go take some practical tutorials from them.
That will bea good starting point.

I ve to go with xterra on this one, there are so many pple outhere bn employed earning peanuts. Way less than wat an individial could even survive with, i guess these pple are regarded as "employed" by the FG too, If they are, the figure might as well be correct.

The guy might be right, but then he might be way off the line.
And even if the stat is right, that is still awful, I mean really really really bad  

And to that guy that call $2 dollars a day a progress, WTF are u saying?