Wednesday, February 25, 2015

Who Says Our Economy is Booming When More than 40 Million Youths Are Jobless?

The economy of a country cannot be booming when it cannot create more jobs for the jobless.
That is why the bogus claims of President Goodluck Jonathan and his cabinet that our economy is booming are contrary to the facts on current socioeconomic realities in Nigeria with more than 40 million Nigerian youths unemployed and thousands losing their jobs as financial institutions and manufacturing industries are sacking more than they are employing.

The following reports are enough verdict on the Nigerian economy.

Nigeria Unemployment Rate 2006-2015 | Data | Chart | Calendar | Forecast
Unemployment Rate in Nigeria increased to 23.90 percent in 2011 from 21.10 percent in 2010. Unemployment Rate in Nigeria averaged 14.60 Percent from 2006 until 2011, reaching an all time high of 23.90 Percent in 2011 and a record low of 5.30 Percent in 2006. Unemployment Rate in Nigeria is reported by the National Bureau of Statistics, Nigeria.

Nigeria Inflation Rate Highest in 4-Months

Nigeria annual inflation rate accelerated slightly to 8.2 percent in January of 2015 from 8 percent in the previous month, driven mostly by higher food, housing and utilities prices.

Nigeria Inflation Rate 1996-2015 | Data | Chart | Calendar | Forecast
The inflation rate in Nigeria was recorded at 8.20 percent in January of 2015. Inflation Rate in Nigeria averaged 12.27 percent from 1996 until 2015, reaching an all time high of 47.56 percent in January of 1996 and a record low of -2.49 percent in January of 2000. Inflation Rate in Nigeria is reported by the National Bureau of Statistics, Nigeria.
The World Bank Group has rated Nigeria among the world’s extremely poor countries, promising to assist in ending what it called ‘extreme poverty’ in the nations.
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