The Nigerian economy is under enormous stress, depending on the kind of socio-economic fundamentals being examined. Some commentators perceive that since the growth rate is positive (almost 6 per cent) and inflation is single-digit (8.6 per cent) and foreign exchange could cover at least 3 months of imports, then the economy is on the right…
Nigeria, Employment And Computation of Unemployment Rate (Part 2)
While one would agree to some extent that sentiments ought to be set aside but the issues of ideology, science and international best practices must be challenged in the interest of knowledge in general and the Nigerian economy in particular. In measuring unemployment, countries have adapted the concept to their peculiarities. For example, the International…
Nigeria, Employment and Computation of Unemployment Rates
Employment is an important variable in any economy’s development equation. Employment has both economic and social ramifications. Consequently, the labour force comprises all persons 16 years of age (slightly older in some economies) and upward who are neither in prison nor in a mental institution and who are either employed or unemployed. Employment, particularly full…
Nigeria and the Diseconomy of Fuel Scarcity and Subsidy
Fuel scarcity in Nigeria has become an ugly recurring decimal for an economy that exports crude petroleum. The Nigerian economy has four refineries and in the late 1970s and early 1980s, the country was even exporting refined products. Thereafter, the fuel scarcity has become a nightmare. Millions of dollars have been spent on the…
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