x

Nigeria’s Unemployment Rate To Rise To 41% In 2023- KPMG

Global audit and tax advisory firm, KPMG, has projected that Nigeria’s unemployment rate is expected to rise to 40.6% as compared to 2022’s 37.7%.

KPMG detailed this forecast in its International Global Economic Outlook report – H1 2023 on Tuesday, where it stated that “unemployment is expected to continue to be a major challenge in 2023 due to the limited investment by the private sector, low industrialization, and slower than required economic growth and consequently the inability of the economy to absorb the 4-5 million new entrants into the Nigerian job market every year”.

The report also revealed in part that there are expectations for GDP to continue to grow at a relatively slow pace of 3% in 2023 owing to the slowdown in economic activity that typically characterizes periods of political transition in Nigeria.

Furthermore, the spillover from an expected slowdown in the global economy in 2023 and its trade and financial flow implications are expected to drag
on GDP.

“Additionally, growth will be negatively affected by the Naira Redesign Policy introduced in Q4 2022 and Q1 2023 and its implications on key non-oil sectors like manufacturing, trade, accommodation and food services, transportation, and other services, further slowing down overall GDP growth in 2023,” the report read.

On the resurgence of major aspects of the economy, it forecasted that the telecommunications, trade services, as well as the oil sector, are expected to see recoveries, on account of measures being taken to tackle security issues.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalistAs...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

US Tariffs: China To Increase Imports from Nigeria, Says Envoy

Chinese Ambassador to Nigeria, Yu Dunhai, says China is...

US tariffs, a step backward in history – Chinese Ambsaador Dumhai

By Austin MahoThe Chinese Ambassador to Nigeria Ambasasor Yu...

The World Must Unite Against US Tariffs, Says Chinese Ambassador to Nigeria

Chinese Ambassador to Nigeria, Yu Dunhai, has called on...

US tariffs is an imposed war on the rest of the world- Chinese Ambassador

By Austin MahoThe Chinese Ambassador to Nigeria Yu Dunhai...

CAN condemns attacks on Plateau communities 

By Israel Adamu, Jos The Christian Association of  Nigeria CAN...

FEC Felicitates with Christians at Easter 

The Secretary to the Government of the Federation, Sen....

Unknown Gunmen attack Senator Natasha’s family residence in Kogi

By Noah Ocheni, LokojaUnknown gunmen on Tuesday in Ihima,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img