Unemployment rate rose significantly in Nigeria from 21.1 per cent in 2010 to 23.9 per cent in 2011, according to a study conducted by international donors which was made available to PANA on Tuesday.
The survey, jointly conducted by the United Nations Development Program (UNDP), the Organization for cooperation and economic development (French acronym for OCDE), the African development bank (AfDB) and the United Nations Economic Commission for Africa, reveals that youth unemployment had reached about 37.7 per cent in Nigeria.
“Despite persistent growth, the Nigerian economy remained unsuccessful in terms of job creation while poverty became widespread across the country,” indicated the survey which, however, welcomed the government’s efforts in diversifying the economy.
According to survey, Nigeria’s 6.7 per cent economic growth in 2011 stemmed from telecommunications, constructions, public work, wholesale, retail trade, and hotel and tourism.
Agriculture, according to the survey, played a significant part in the national economy as the major contributor to the country’s Gross Domestic Product (GDP).
It stressed that agricultural sustainable growth was the main driver for an inclusive growth without which poverty and food security issues would remain unresolved.
The survey bemoaned the epileptic power situation, railway and road infrastructures and their negative impacts on the Nigerian economy.
With an estimated population of 160 million, Nigeria ranks first in oil production in sub-Saharan Africa and is one the continent’s economic powers alongside South Africa and Egypt.