Serious Poverty Looms As Nigerians Lose 20m Jobs In 3 Years

Serious Poverty Looms As Nigerians Lose 20m Jobs In 3 Years

The National Bureau of Statistics has released eye-popping figures about
the woes of the Nigerian economy. The body, despite pressures from the Presidency, stated that 20.9 millions Nigerians have lost their jobs under three and half years of President Buhari’s administration.

This did not come as a surprise to many Nigerians, as indicators in the economy have long shown a poor economy.

It is noteworthy that Nigeria has over the last three years become the headquarters of extreme poverty. This comes at a time when the inflation rate has risen from 8% in 2013/2014, to 15% in recent times. The affront on the Naira by the dollar in the past three years has led to 50% devaluation of the Naira, from 155 Naira in 2013/2014 to 365 Naira in 2018. This has led to prices of basic goods and services skyrocketing unimaginably. 

The government has been unable to handle the Nigerian economy properly. This has led to the unprecedented rise in unemployment rate from 6.4% in 2014, to 23.1% in 2018, puting families in pains and out on the street. What hope for the millions of vulnerable Nigerians?


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