Nigerian economy generated 369,485 jobs in fourth quarter of 2014

The Nigerian economy added a total of 369,485 new jobs in the fourth quarter of 2014 (Q4, 2014), according to the National Bureau of Statistics (NBS).
According to the latest job creation statistics released on Tuesday, the fourth quarter results showed an improvement over the 349,343 jobs added in the previous quarter.

Of the total employment generated in the period under review, the informal sector of the economy recorded the highest number of intakes with 227,072 jobs or 61.5 per cent of the total figure, while the formal sector recorded 138,026 jobs or 37.7 per cent as well as the public sector which accounted for 4,387 jobs or 1.2 per cent of total jobs created.

According to the NBS, although the formal sector experienced a decrease of 7,438 or 5.1 per cent from the 145,464 jobs recorded in the third quarter of 2014, the public sector also decreased by 1,348 or 23.5 per cent jobs from the 5,735 jobs recorded in the previous quarter.

The informal sector jobs however, increased from the previous quarter with 28,928 jobs, representing 14.6 per cent.

A breakdown of the job spread by economic sector indicated that the government’s education sector generated the most number of new jobs in the fourth quarter, with 54,729 Jobs or 39,65 per cent of the total, compared to third quarter in which manufacturing sector had the greatest Jobs created with 54,446 Jobs or 37.43 per cent of the total.

The manufacturing sector ranked the second most dominant employer of new labour in the period under review with  22.75 per cent of all jobs, while the wholesale and retail trade sector was the third most dominant with 10,659 Jobs or 7.72 per cent of the new jobs total.

The report noted:”The most commonly cited reason for hiring new staff was, ‘Business Expansion’, for which 63,635 new Jobs or 46.10 per cent of the total were created. The second most cited reason was ‘New skill required’, 44.527 jobs or 32.26 per cent of the total created was on the account of new skills required.

“The third most reported reason for hiring was “to fill a position vacated by an employee”. It was responsible for the hiring of 15,311 new positions or 11.09 per cent of total new employment in the formal sector. The least common reason given for hiring new employees was ‘promoted former occupant of position’, which was cited for 211 or 0.15 per cent of all new jobs.”

[ThisDay]

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