{"id":60632,"date":"2017-12-22T19:33:04","date_gmt":"2017-12-22T18:33:04","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=60632"},"modified":"2017-12-22T19:33:04","modified_gmt":"2017-12-22T18:33:04","slug":"unemployment-worsen-as-over-4million-out-of-job-between-january-and-september-2017","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/unemployment-worsen-as-over-4million-out-of-job-between-january-and-september-2017\/","title":{"rendered":"Unemployment Worsen As Over 4million Out of Job Between January and September 2017"},"content":{"rendered":"

ABUJA (Reuters) – Nigeria may have Africa\u2019s biggest economy, but four out of every ten people in the country\u2019s workforce were unemployed or underemployed by the end of September, the government statistics office said\u00a0on Friday<\/span><\/span>.<\/p>\n

The regional power climbed out of its first recession in a quarter of a century in the second quarter, but economic growth remains sluggish. That has lead to a drought of work opportunities, contributing to a cycle of poverty that drives Nigeria\u2019s yawning wealth inequality as well as social unrest.<\/p>\n

\u201cA return to economic growth provides an impetus to employment,\u201d Nigeria\u2019s National Bureau of Statistics (NBS) said in a report released\u00a0on Friday<\/span><\/span>.<\/p>\n

\u201cHowever, employment growth may lag, and unemployment rates worsen especially at the end of a recession and for many months after,\u201d the stats office said, adding that it expects unemployment to peak in the fourth quarter of 2017.<\/p>\n

By the end of September, Nigeria\u2019s economically active or working population was 111.1 million people, said the NBS.<\/p>\n

Unemployment has increased to 18.8 percent of that population from 16.2 percent at the end of June, it said.<\/p>\n

The combined proportion of people unemployed or underemployed was 40 percent at the end of September, up from 37.2 percent by the end of June, said the NBS report.<\/p>\n

Earlier this month, ratings agency Fitch cut its 2017 economic growth forecast for Nigeria to 1 percent from 1.5 percent.<\/p>\n

The administration of President Muhammadu Buhari, who campaigned on vows to fix Nigeria\u2019s economy, has struggled to follow through with plans to reduce the country\u2019s dependence on oil.<\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

ABUJA (Reuters) – Nigeria may have Africa\u2019s biggest economy, but four out of every ten people in the country\u2019s workforce were unemployed or underemployed by the end of September, the…<\/p>\n","protected":false},"author":1,"featured_media":51269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-60632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nUnemployment Worsen As Over 4million Out of Job Between January and September 2017 - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/unemployment-worsen-as-over-4million-out-of-job-between-january-and-september-2017\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unemployment Worsen As Over 4million Out of Job Between January and September 2017 - 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