The National Bureau of Statistics (NBS) reports that between 2015 and 2023, Nigeria’s unemployment rate varied. The anticipated unemployment rate for 2015 was 10.4%. But in 2016, it increased to 14.4%. The rate then reached a peak of 20.42% the next year before increasing once again to 23.1% in 2018.
The unemployment rate in Nigeria decreased somewhat in 2019 to 17.6%. This was ascribed to several government programs designed to increase employment and lower the nation’s poverty rates. The COVID-19 epidemic significantly affected the unemployment rate in 2020, which increased to 33.2% as a result. This resulted from the pandemic’s broad disruptions, which included company closures and declines in economic activity.
Despite the epidemic, the Nigerian government carried out efforts to promote economic growth and create jobs. The outcome was that in 2021, the unemployment rate decreased marginally to 25.1%. The rate fell further in 2022, hitting 24.3%. The Social Investment Program was implemented, and micro, small, and medium-sized businesses were created, among other initiatives that the government funded to increase employment and lower poverty rates.
Nigeria’s unemployment rate is projected to increase to 37% as of 2023, which is a negative trend due to the Nigerian Economic Summit Group (NESG). The rate is still rather high, though, and to maintain long-term economic growth and lower levels of poverty in the nation, both the public and private sectors must keep funding job creation initiatives.
Consequently, the COVID-19 pandemic caused a huge increase in the jobless rate in Nigeria in 2020. The rate has varied throughout the previous eight years. The rate has, however, gradually decreased because of government attempts to boost economic growth and create jobs. To maintain sustainable economic growth and lower levels of poverty in Nigeria, the nation must keep funding job-creation initiatives.
Track Inflation rate from 2015-2023
Data on inflation from the National Bureau of Statistics (NBS) from 2015 to 2023 gives an understanding of how prices of products and services fluctuate in Nigeria. NBS inflation data tracks changes in the nation’s overall pricing level for products and services over a certain time. Given that it has an impact on both individuals’ spending power and the economy, this information is crucial for both consumers and policymakers.
According to NBS data, there was a slight increase in inflation in 2015 compared to 2014. This increase was 9.5%. This was linked to the depreciation of the local currency and the drop in oil prices, both of which influenced the economy of the nation. The nation’s inflation rate did, however, increased in the years that followed, to18.5% in 2016.
A little decrease of 15.3% in inflation was recorded in 2017 according to NBS statistics, which may be attributed to reducing prices for food, transportation, and other necessities. The following year inflation decreased once again to 11.4%. This was partly because of the actions taken by the Central Bank of Nigeria to reduce interest rates and boost the money supply to curb inflation and stabilize the economy, because of the nation’s economic crisis brought on by high oil prices and a lack of foreign currency.
Nigeria’s inflation rate increased to 11.9 % by the end of 2019, because of the nation’s economic crisis brought on by high oil prices and a lack of foreign currency.
According to NBS inflation figures for 2020, the COVID-19 epidemic and its effects on the economy caused inflation to increase. Due to the growing prices of food, transportation, and other necessities, the inflation rate rose to 15.75%.
According to NBS inflation data as of 2021, inflation was on the decline and was at 15.61%. This is primarily a result of the nation’s attempts to reduce inflation, which have included introducing economic reforms, enhancing the supply chain, and raising production capacity.
In 2022, Inflation rose to 21.8% due to flooding in 2022, insecurity, and supply chain disruption, oil theft which led to the increase in the high inflation rate in the nation.
In conclusion, NBS inflation data from 2015 to 2023 highlights the fluctuation of prices in Nigeria and its impact on the economy. Despite the challenges posed by the COVID-19 pandemic, the country’s efforts to control inflation and stabilize the economy have resulted in an increase in Inflation rate which Is affecting the country and its citizens badly.
Track Dollar rate from 2015-2023
The dollar rate in 2015 was roughly 197 Nigerian naira to 1 US dollar. This rate remained quite steady in the months that followed, with just minor changes. However, Nigeria had a severe economic slump in 2016 and 2017, and the dollar rate fell to roughly 305 and 306 Nigerian naira to 1 US dollar respectively.
The rate continued to stabilize throughout 2018, and at the end of the year, it was about 307 Nigerian naira to 1 US dollar. However, the rate began to climb again in 2019, with an average rate of 310 Nigerian naira to 1 US dollar. In 2020, the NBS dollar rate reached an all-time high of more than 350 Nigerian naira to one US dollar.
The rate fluctuated throughout 2021, but it remained quite high, with an average of roughly 413 Nigerian naira to 1 US dollar. In 2022 the dollar rate increased drastically to 450 Nigerian naira. The dollar rate is currently running at 461 Nigerian Naira. The future of the dollar rate is difficult to forecast since it is impacted by several factors, including the country’s economic policies, global economic trends, and political stability. Analysts predict that the rate will stay high in the future years as Nigeria grapples with economic issues.
Eniola Ojo
Junior Associate
07037072427
Source: National Bureau of Statistics (NBS) and Central Bank of Nigeria (CBN).
