The National Bureau of Statistics (NBS) report released on Friday shows a decrease of 69.9 percent or 327,702 in the number of new jobs created in the second quarter (2Q) of the year when compared with preceding quarter and 45.5 percent short of the total number of jobs created in the same quarter last year. According to the report formal sector of the economy created 51,070 new jobs, which account for 36.1 percent of the total jobs created in the second quarter (2Q) of 2015. The formal sector recorded a decline of 61.6 percent or 79,871 jobs when compared to the number of jobs created in the first quarter (1Q) quarter of 2015 and a 35.2 percent decline to that of jobs created in the same quarter in 2014. In the public sector, total of 6,395 jobs were created in the 2Q, beating same quarter last year with an increase of 11.7 percent or 669 jobs. This sector represents 4.5 percent of the total jobs created during the period under review. The informal sector of the economy which consists of jobs generated by individuals or businesses employing less than 10 employees or businesses with little or no formal structures, created 83,903 new jobs. However, when compared with 1st quarter of the year when 332,403 new jobs were created, an alarming 74.8 percent decrease in jobs was recorded. The report shows that informal and formal sectors are the most affected which correlate with the effect of current economic policy of the Central Bank of Nigeria (CBN) to restrict importers of certain items from accessing forex at CBN rate. This means that formal and informal businesses have reduced the number of jobs they create in order to cut cost and devise alternative business model to sustain their businesses.
Saturday 22 August 2015
Nigeria’s New Job Creation Decreased By 69.9 Percent - Jobs/Vacancies -
Nigeria’s New Job Creation Decreased By 69.9 Percent - Jobs/Vacancies -
Unknown
5.0
stars based on
35
reviews
The National Bureau of Statistics (NBS) report released on Friday shows a decrease of 69.9 percent or 327,702 in the number of new jobs crea...
Subscribe to:
Post Comments (Atom)
Powered by Blogger.
Popular Posts
-
President Buhari will make a nationwide broadcast as part of the programme of activities to mark Nigeria’s 55th Independence Anni...
-
New minister of power, works and housing, Babatunde Raji Fashola, has told staff of the Ministry of Power that Nigerians had waited long ...
-
Bauchi—Police in Bauchi State have arrested a 30-year-old man, identified as Nasiru Usman Banki, and a lady over the death of his girlfriend...
-
Nigerian superstar singer, 2face Idibia is 40 years Some months Ago. While the Hypertek boss is aging gracefully, some other entertaine...
-
“One Dance” has been doing extremely well, so well, it has maintained number one on Billboard’s Hottest Song of The Summer Chart of 201...
-
Back in the early 1990's when Christianity was dominating others forms of religion, a lot of people flock to church. But those numbers s...
-
19-year old teenager Mutiat Abiona birthed a baby girl without knowing that she was pregnant all through nine-month pregnancy. She d...
-
Majority of ladies below 25 don’t even have enough experience to go into marriage and will rather want to still play around in the name of d...
-
‘Ready’ crooner, Adekunle Gold, has finally revealed when he will be releasing his debut album. Adekunle, has announced that his h...
-
A Nigerian woman has rivaled the gun spraying feat of Nigerian billionaire, E-money as she was seen spraying her money at her Daughter’...
EmoticonEmoticon