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  • NEWS FLASH: Over 23 Million Nigerians Jobless As Unemployment Rate Hits 33.3%  -NBS

    NEWS FLASH: Over 23 Million Nigerians Jobless As Unemployment Rate Hits 33.3%  -NBS

     

    Nigeria’s unemployment rate rose from 27.1 per cent in the second quarter of 2020 to 33.3 per cent in the fourth quarter of 2020, the latest figures from the National Bureau of Statistics revealed on Monday.

     

    The NBS stated in its report on ‘Labour force Statistics: Unemployment and underemployment report- Abridged labour force survey under COVID-19 (Q4, 2020) that this translates to 23.19 million unemployed people.

     

    Part of the report read, “During the reference period, the computed national unemployment rate rose from 27.1 per cent in Q2, 2020 to 33.3 per cent in Q4, 2020, while the underemployment rate decreased from 28.6 per cent to 22.8 per cent.

     

    “A combination of both the unemployment and underemployment rate for the reference period gave a figure of 56.1 per cent.

     

    “This means that 33.3 per cent of the labour force in Nigeria or 23,187,389 persons either did nothing or worked for less than 20 hours a week, making them unemployed by our definition in Nigeria.

     

    “This is an additional 1,422,772 persons from the number in that category in Q2, 2020.

     

    “Using the international definition of unemployment, the rate was computed to be 17.5 per cent.”

  • Food Prices Soar in January, Says NBS

    Food Prices Soar in January, Says NBS

    There was a general rise in food prices in January, the National Bureau of Statistics has said.

     

    The NBS said this in its report titled ‘Selected food prices watch for January 2021’, which was released on Friday.

     

    It said, “Selected food price watch data for January 2021 reflected that the average price of one dozen of agric eggs medium size increased year-on-year by 12.48 per cent and month-on month by 2.26 per cent to N510.84 in January 2021 from N499.55 in December 2020.

     

    “The average price of piece of agric eggs medium size (price of one) increased year-on-year by 15.03 per cent and month-on-month by 1.79 per cent to N46.21 in January 2021 from N45.40 in December 2020.”

     

    The NBS added, “The average price of 1kg of tomato increased year-on-year by 22.11 per cent and decreased month-on-month by -6.59 per cent to N289.66 in January 2021 from N310.10 in December 2020.

     

    “The average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 21.69 per cent and month-on-month by 0.11 per cent to N551.57 in January 2021 from N550.94 in December 2020.

     

    “Similarly, the average price of 1kg of yam tuber increased year-on-year by 21.56 per cent and month on month by 0.51 per cent to N234.67 in January 2021 from N233.48 in December 2020.”

     

    The NBS had earlier disclosed that the consumer price index, which measures inflation, increased by 16.47 per cent (year-on-year) in January.

     

    This was the highest inflation rate recorded in the country since April 2017.

     

    According to the NBS, the figure is 0.71 per cent points higher than the rate recorded in December 2020 (15.75 per cent).

  • How Food Prices Rose In December — NBS

    How Food Prices Rose In December — NBS

    Food prices rose in the country in December, the National Bureau of Statistics disclosed in its ‘Selected food price watch’ for December 2020.

     

    Part of the report obtained on Friday stated, “Selected food price watch data for December 2020 reflected that the average price of one dozen of agric eggs medium size increased year-on-year by 9.12 per cent and month-on month by 0.98 per cent to N499.55 in December 2020 from N494.72 in November 2020 while the average price of piece of agric eggs medium size (price of one) increased year-on-year by 11.49 per cent and month-on-month by 1.43 per cent to N45.40 in December 2020 from N44.75 in November 2020.

     

    “The average price of 1kg of tomato increased year-on-year by 17.51 per cent and decreased month-on-month by 1.92 per cent to N310.10 in December 2020 from N316.16 in November 2020.

     

    “The average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 19.80 per cent and month-on-month by 0.17 per cent to N550.94 in December 2020 from N549.98 in November 2020.”

     

    It added that the average price of 1kg of yam tuber increased year-on-year by 12.89 per cent and decreased month on month by 1.17 per cent to N233.48 in December 2020 from N236.25 in November 2020.

     

    The NBS also disclosed that the consumer price index, which measures inflation increased by 15.75 per cent (year-on-year) in December 2020.

     

    This was 0.86 per cent points higher than the rate recorded in November 2020 (14.89) per cent.

     

    On month-on-month basis, the headline index increased by 1.61 per cent in December 2020.

     

    This is 0.01 per cent rate higher than the rate recorded in November 2020 (1.60 per cent).

     

    The percentage change in the average composite CPI for the twelve months period ending December 2020 over the average of the CPI for the previous twelve months period was 13.25 per cent, representing a 0.33 per cent point increase over 12.92 per cent recorded in November 2020.

     

    The urban inflation rate increased by 16.33 per cent (year-on-year) in December 2020 from 15.47 per cent recorded in November 2020, while the rural inflation rate increased by 15.20 per cent in December 2020 from 14.33 per cent in November 2020.

     

    On a month-on-month basis, the urban index rose by 1.65 per cent in December 2020, same as the rate recorded in November 2020, while the rural index also rose by 1.58 per cent in December 2020, up by 0.02 per cent above the rate that was recorded in November 2020 (1.56 per cent).