Nigeria's unemployment rate hits 32.5million

Mr Yemi Kale, Statistician General of the Federation

Nigeria's unemployment rate hits 32.5million
Hauwa Noroh Ali, Abuja

The debate on Nigerian unemployment rate was on Wednesday put to rest by the Statistician General of the Federation, Mr Yemi Kale, when he put the latest unemployment figure at 32.5 million representing 21.7 per cent of the estimated 150 million Nigerians.

Speaking during his maiden media briefing in Abuja the nation's capital, Kale said that the figure was the latest as it was released in 2010 for 2011.

According to him, the National Bureau of Statistics (NBS) has developed a system whereby the number of jobs created in the country would be known.

Inflation

On the inflation rate, he stated that while all items stood at 9.4 per cent, inflation was also last month, maintained at a single digit with Consumer Price Index (CPI) rising by 9.3 per cent year on year.

“The monthly change in the CPI was 1.67 per cent with July 2011. All items year on year average consumer price level for urban and rural dwellers rose by 7.1 per cent and 11.1 per cent respectively. With respect to 12 month moving average, the CPI change was 11.6 per cent which is slightly lower than the figure in July which was 12 per cent” , he said.

Gross Domestic Product

Concerning food inflation, he noted that the average change in prices on a year on year was 8.7 per cent, 2.7 per cent on a month on month basis and 11.6 per cent on a 12 month moving average basis.

Also, core inflation which was all items less farm produce stood at 10.9 per cent on a year on year basis, 12 per cent on a 12-month moving average basis and 0.9 per cent on a month by month basis.

Kale noted that agriculture remained the largest contributor to the Gross Domestic Product (GDP) at 41.49 per cent in second quarter compared to 42.32 per cent in second quarter 2010. Similarly, wholesale and retail trade account for 16.75 per cent compared to 16.19 per cent.

Also, crude petroleum and natural gas contributed to 14.84 per cent compared to 15.7 per cent and manufacturing contributing 3.91 per cent in second quarter 2011 compared to 3.93 per cent in second quarter 2010.

Iheanacho