Home/Commentaries/ Tackling Nigeria’s worsening unemployment rate – The Punch. For instance, loss of income has actually leave Nigerian citizens without enough income to carter for their housing needs and costs. Auty said;Zoom Video Communications, Inc. (NASDAQ: ZM) brings teams together to get more done in a frictionless and secure video environment. Zoom helps enterprises create elevated experiences with leading business app integrations and developer tools to create customized workflows.The new refinery is expected to be operational in 2024.The largest hydrocarbon firm in France, Axens has won the bid for the multibillion-dollar BUA Group’s 200,000 barrels per day (BPD) refinery and petrochemical plant in Nigeria.The French giant was given the contract to license key refinery technologies to the BUA Group.While making the disclosure in a statement on Tuesday, September 1, 2020, the French company stated that the BUA project will be located in Nigeria’s oil-producing state of Akwa Ibom state.Axen, which makes systems to convert oil and biomass to cleaner fuels, said it will provide technology for the greenfield project designed to produce Euro-V fuels and polypropylene targeted at domestic and regional markets.The new refinery and petrochemical project is expected to go head to head with Nigeria’s other large scale 650,000 BPD oil refinery and petrochemical project, which is being built by the Dangote Group and expected to be operational by 2021.BUA Group, who also have interests in cement, food and mining said, ‘’The new refinery, which has a capacity to produce 200,000 barrels per day, is expected to be operational in 2024.Subsequent bidding rounds, which includes construction and engineering contracts, are already underway. Connect with him via his twitter handleMr. This indicates a decrease of –17.97% points when compared to the rate in the second quarter of 2019, and –14.67% points lower than the previous quarter growth rate of –0.27%. Zoom provides easy, reliable, and innovative video-first unified communications platform provides video meetings, voice, webinars, and chat across desktops, phones, mobile devices, and conference room systems. Nigeria's unemployment rate rose from 23.1% in Q3 2018 to 27.1% in Q2 2020, while the underemployment rate rose from 20.1% in Q3 2018 to 28.6% in Q2 2020. In 2019, the unemployment rate in Nigeria was at approximately 8.1 percent. CSV XML EXCEL. The Trading Economics Application Programming Interface (API) provides direct access to our data. In the second quarter of 2020, the nominal year on year growth rate of Trade stood at –14.95%. These cookies do not store any personal information.Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Nigeria's unemployment rate came in at 27.1 percent in the second quarter of 2020, the highest on record. Unemployment Rate According to the data, states in the Southern part of the country recorded the highest unemployment rates in the country. The high unemployment rate has helped in reducing the labour productivity in the country.Supposed an individual is out of job for at least two years, he is likely to miss out of the current working practices and working trends recognized globally.You see unemployment can even  affects the confidence of the unemployed citizens, which as a result, can also make them to become less employable in the days ahead.Another economic consequence of unemployment in Nigeria is that, it has helped in increasing the government borrowing, which is quite unfortunate.High rate of unemployment has actually helped in making the tax revenue of the government to fall drastically, and this is occasioned by the fact that, there are only few citizens, who are actualy working are those paying the income tax.These few citizens are also spending less income, and at the end, what the government is receiving is low value added tax VAT.

Despite adding 500k people to the workforce, unemployed residents came down by 200k. This is despite being some of the richest states in the country in terms of oil revenues and internally generated funds.Despite all the oil money, see which region came last. Source: NBS. Let's talk about the causes, effects and possible solutions to unemployment in Nigeria. Trending. 1991 - 2019 Unemployment, female (% of female labor force) (modeled ILO estimate) ... Unemployment with basic education, female (% of female labor force with basic education) Share of youth not in education, employment or training, female (% of female youth population) Download. When there is high rate of unemployment, the indication is that, the economy will be operating quite below full capacity thus, making the country’s economy  inefficient.This however, has led to low output as well as low incomes. GDP

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