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Inflation in Nigeria is still climbing while it has slowed globally: here’s why

Inflation in Nigeria is still climbing while it has slowed globally: here’s why

JUST as Nigerians were gradually digging out from the devastating effects of the COVID-19 pandemic, they were hit by high inflation. The Nigerian economy contracted by 6.1% at the peak of COVID-19 in the second quarter of 2020. Unemployment rate rose from 27% in the second quarter of 2020 to 33% in the fourth quarter of the same year. STEPHEN ONYEIWU, Professor of Economics & Business, Allegheny College The World Bank estimated that 11 million Nigerians were pushed into poverty during the pandemic, in addition to the 100 million (out of 200 million people in the country) who were already…
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South African labour market recovery stalls months before election

South African labour market recovery stalls months before election

SOUTH Africa's unemployment rate rose in the fourth quarter of last year, bucking a trend where jobs tend to be added around the holiday season as a labour market recovery from the COVID-19 pandemic ground to a halt. Analysts said the rise in the official unemployment rate to 32.1% from 31.9% in the third quarter painted a dismal picture months before the country is due to hold national and provincial elections. The rand extended losses on the data in cautious trade before Wednesday's 2024 budget. A presentation by the statistics agency showed community and social services, construction, agriculture and trade sectors contributed…
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Security is everything

Security is everything

THE public mood in South Africa is sombre these days, with many citizens getting that sinking feeling. On many fronts, be it economic growth, investment, employment, electricity supply or security of the person or business, the mood is not particularly sanguine. Young people, in particular, are not in a good space. Their unemployment rate is higher than most groups and those among them with good skills, are actively looking abroad for opportunities to advance their careers and rear and educate their children. So, we educate young people at great expense only to donate them to other countries. We all need…
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S.A’s unemployment at a new high

S.A’s unemployment at a new high

SOUTH Africa's unemployment rate jumped to a record high in the fourth quarter of last year, the statistics agency said yesterday, as the economy was further battered by the COVID-19 pandemic. Statistics South Africa said the unemployment rate stood at 32.5% in the October-December quarter, meaning 7.2 million people were unemployed, up from 30.8% in the previous three months. The figure was the highest since the survey began in 2008. "We are seeing that the proportion of people of working age, versus the proportion of those that are employed, is widening, meaning the market is not creating sufficient jobs to…
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