Nigeria's Economy

by Developed Africa 5. May 2014 09:00

Looking at Nigeria's economy and employment.

The rebasing of Nigeria’s economy has set it up as the biggest economy in Africa, but in real terms, there is still vast unemployment and per capita income is still low in the rankings.

no fewer than 5.3 million youths are jobless in the country, while 1.8 million graduates enter the labour market every year."

It is clear from statistics like these that a rebasing of the economy is not something that will improve the lives of Nigeria's citizens, instead education needs improving, youth need to learn skills that will help them gain employment, and the employment prospects across a number of sectors need to see some work.

Although Nigeria now exceeds South Africa in economic size, it still has a long way to go if it wants to reach a similar level of economic development and sophistication." 

What is needed is for the government to really tackle the level of economic development is to address the way in which the country's institutions work, and the way in which business is conducted. What is scary about how little Nigeria's economy has actually improved is the reports of a stampede for jobs that resulted in the death of 16 people, and the injury of many others. When people are dying in their urgency to get a job, then something needs to change in that economy. 

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