Nigerias unemployment poverty rates increased in 2017 world bank
According to the World Bank, Nigeria's unemployment rate and poverty rate did indeed increase in 2017.
Unemployment Rate: The World Bank reported that Nigeria's unemployment rate rose to 13.9% in 2017, up from 12.6% in 2016. This represents a significant increase of 1.3 percentage points. The youth unemployment rate, which is a major concern in Nigeria, also rose to 25.4% in 2017, up from 22.2% in 2016.
Poverty Rate: The World Bank's Poverty and Inequality Report 2018 estimated that the poverty rate in Nigeria increased to 40.1% in 2017, up from 38.4% in 2016. This means that about 80 million people in Nigeria lived on less than $1.90 a day in 2017, up from 73 million in 2016.
The World Bank attributed the increase in unemployment and poverty rates to several factors, including:
- Weak economic growth: Nigeria's economy experienced a recession in 2016, which led to a decline in economic activity and job opportunities.
- Insecurity and conflict: The Boko Haram insurgency and other forms of violence in the country have led to displacement, destruction of infrastructure, and a decline in economic activity.
- Limited access to education and skills: Many Nigerians lack access to quality education and skills training, making it difficult for them to compete in the job market.
- Corruption and governance issues: Corruption and governance issues have hindered the effective delivery of public services, including education and healthcare, which are essential for poverty reduction.
Overall, the World Bank's data highlights the need for Nigeria to address these underlying issues to reduce poverty and unemployment and promote sustainable economic growth.