The Office for National Statistics revealed a jump in the unemployment rate to 4.2%, surpassing the 4% forecasted by analysts.

Liz McKeown, ONS Director of Economic Statistics, noted, “We are now seeing tentative signs that the jobs market is beginning to cool.”

Additionally, average regular pay growth, excluding bonuses, dipped to 6.0% from 6.1%, contributing to concerns about economic stability. Despite this, when factoring in Britain’s annual inflation rate, real wages only rose by 2.1%.

Commenting on the situation, Yael Selfin, chief economist at KPMG UK, remarked, “Easing pressure in the labour market keeps the Bank of England on track for a summer rate cut.”

The Bank of England had previously maintained its key interest rate at a 16-year high of 5.25% in March, with overall UK inflation persistently exceeding its 2.0% target.

While inflation saw a decline to a near two-and-a-half-year low of 3.4% in February, providing some relief in the nation’s cost-of-living challenges, concerns linger over the broader economic implications.

According to the multinational consulting firm’s recently released report, “KPMG Global Economy Outlook report, H1 2023,” unemployment will continue to be a problem because of the economy’s less-than-expected growth and its inability to accommodate the 4-5 million new workers who enter the Nigerian labor market annually.

“Unemployment is expected to continue to be a major challenge in 2023 due to the limited investment by the private sector, low industrialisation and slower than required economic growth and consequently the inability of the economy to absorb the 4-5 million new entrants into the Nigerian job market every year. Although the National Bureau of Statistics recorded an increase in the national unemployment rate from 23.1per cent in 2018 to 33.3per cent in 2020. We estimate that this rate has increased to 37.7per cent in 2022 and will rise further to 40.6 per cent in 2023.”

The report also said that in 2024, the unemployment rate will grow to 43 per cent while inflation will accelerate to 20.3 per cent in 2023 and 20.0 per cent in 2024.

The KPMG further noted that the incoming administration will face a deeply rooted challenging environment, characterised by fragile and slow economic growth and challenges in the foreign exchange market.

“Additionally, government revenue remains inadequate to support much-needed expenditure, leading to a high debt stock and high debt service payments. The Nigerian economy ended the past year with a GDP growth rate of 3.52 per cent in Q4 2022, compared with 2.25 per cent in Q3 2022, with growth averaging 3.10 per cent over 2022,” it explained.

The firm projected recovery in telecommunications, and trade services, as well as an expected recovery in the oil sector, on account of measures being taken to tackle security issues, to drive the forecast of three per cent growth in 2023.

It further said that the spillover from an expected slowdown in the global economy in 2023 and its trade and financial flows implications would drag on Gross Domestic Product.

The report claimed that growth will be negatively affected by the naira redesign policy introduced in Q4 2022 and Q1 2023.

According to KPMG, it has implications on key non-oil sectors like manufacturing, trade, accommodation and food services, transportation and other services, further slowing down overall GDP growth in 2023.

“Headline annual inflation maintained its upward trend throughout 2022, reaching its highest levels in almost two decades and closing the year at 21.34 per cent, with food inflation and core inflation growing by 23.75 per cent and 18.49 per cent, respectively. This was driven by persistent structural issues, which impacted domestic food production and transportation such as insecurity, floods in key agricultural producing areas and rising international food and energy prices following the Russia-Ukraine conflict and other policy-related bottlenecks, which continue to impact the cost of doing business.”

It also noted that the expected fuel subsidy removal and the 2023 fiscal bill would also mount pressure on domestic prices in 2023.

“To combat rising inflation, the Nigerian Central Bank raised the monetary policy rate by a cumulative 500 basis points in 2022, to 17.5 per cent, and increased the cash reserve ratio from 27.5 per cent to 32.5 per cent. However, despite these aggressive rate hikes, inflation has remained stubbornly high and is predicted to remain above 20 per cent in 2023, due to the persistence of the structural and policy issues.”

KPMG further said that growth was set to be driven by the continuous recovery in household consumption, sustained performance of the non-oil sector and a recovery in oil production.

“Inflation to remain elevated, driven partly by persistent food supply shocks, foreign exchange illiquidity, and insecurity. We expect Nigeria’s GDP to continue to grow at a relatively slow pace of three per cent in 2023, due to the slowdown in economic activity that typically characterises periods of political transition in Nigeria.”

The unemployment rate increased in the three months to the end of September from 3.5 percent in the three months to the end of August, the Office for National Statistics said in a statement.

At 3.6 per cent, it was around the lowest level since 1974.

At the same time, sky-high inflation continues to squeeze wages, resulting in mass strike action across Britain.

“August and September saw well over half a million working days lost to strikes, the highest two-month total in more than a decade, with the vast majority coming from the transport and communications sectors,” noted Darren Morgan, director of labour and economic statistics at the ONS.

“With real earnings continuing to fall, it’s not surprising that employers we survey are telling us most disputes are about pay.”

The UK annual inflation stands at more than 10 per cent, the highest level in four decades, and is forecast to keep rising along with unemployment as energy bills and food prices soar.

Consumers and businesses are set for a further hit Thursday in a government budget set to include tax rises as finance minister Jeremy Hunt seeks to shore up depleted state finances.

“Tackling inflation is my absolute priority and that guides the difficult decisions on tax and spending we will make on Thursday,” Hunt says in reaction to the unemployment data, as he prepares also to announce this week cuts to state departmental budgets.

“Restoring stability and getting debt falling is our only option to reduce inflation and limit interest rate rises,” he added.

This is as the NYSC boss made it known that there was a shortage of white collared jobs after graduation.

The NYSC DG gave this call on Tuesday in his address at the swearing-in ceremony for the 2022 Batch B Stream II corps members at the NYSC permanent orientation camp, Ede.

The DG represented by the NYSC Osun State Coordinator, Olayinka Abdulwahab, advised the corps members to choose from several skill areas that they will be exposed to during their orientation course in the camp.

General Fadah while asking the corps members to see their deployment to Osun State as part of a deliberate policy aimed at promoting national unity and integration added that it will enable them have a broader understanding of the country.

He also stated that it will promote the culture of working together in an atmosphere of friendship, peace, harmony and a shared vision of a great and prosperous Nigeria.

“Your deployment away from your states of origin and your being in the camp from diverse ethnic, religious and socio-economic backgrounds are part of our deliberate policies aimed at promoting national unity and integration.

“These will enable you have a broader understanding of the country, and promote the culture of working together in an atmosphere of friendship, peace, harmony and a shared vision of a great and prosperous Nigeria.

“I am impressed by the high level of discipline and enthusiasm you have demonstrated so far. It is my hope that you will sustain these while you also familiarize yourselves with the provisions of the NYSC Act and the NYSC Bye-Laws.”

While warning the corps members against indulging in cultism and drug abuse in and out of the orientation camp, he advised them to avoid using social media to spread fake news and other negative purposes.

A total of 600 males and 700 females making 1,300 corps members drawn from all the states of the federation were sworn in on Tuesday in the state.

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.”

This was done as part of efforts to reduce the rate of unemployment in the State.

Honourable Commissioner for Wealth Creation and Employment, Mrs. Yetunde Arobieke, who spoke recently on the programme with newsmen said the Graduate Internship Placement Programme (GIPP) is designed to give candidates the opportunity to develop employability and work-ready skills that are needed in securing gainful employment.

She added that the Internship Programme will be addressing the third and fourth pillars of the present administration’s T.H.E.M.E.S agenda, which are Education and Technology and Making Lagos a 21st Century Economy, while the beneficiaries will be paid a monthly stipend of N40,000 for the six months duration of the internship.

Arobieke informed that at the end of the internship period, interns would have gained valuable applied work experience, built up their professional skills and would have been exposed to possible entrepreneurial opportunities to strengthen their professional skills and interpersonal relationship.

The Commissioner, therefore, implored interested candidates to apply through the dedicated link for the programme, click here, stressing that interested applicants must possess NYSC Certificates or letters of exemption, and must be registered residents of the State with Lagos State Residents Registration Agency, LASRRA.

While informing that over 50 off-takers have shown interest in having the Interns work in their organisations, Arobieke maintained that the selection process will be transparent as successful candidates after taking an online test will be trained on employability skills for two weeks and evaluated; they will, subsequently, be placed on six months paid Internship with Private organisations and selected Public Agencies in line with their qualification.

Ibrahim gave this observation in his office at Abuja when the Chief Executive Officer of Hall 7 Project, Olayinka Braimoh, came to visit him.

In his words, he noted that the  serious economic meltdown the pandemic has brought along and the scarcity of jobs has made it necessary for skill acquisition to become quite compelling

According to a statement by the NYSC Director of Press and Public Relations, Adenike Adeyemi, the DG was quoted as saying, “Jobs are not available like before and COVID-19 has also brought serious economic meltdown. We are ready for your collaboration that would bring tremendous benefit to our corps members and other youths in the country.”

Ibrahim had previously paid a visit to Braimoh in a bid to revisit an agreement earlier reached by the two entities with respect to the construction of a skills acquisition center at Ezi community in Delta State.

According to him, the expansion of the NYSC skills acquisition programme was one of the five policy thrusts of his administration which underscored the vigour with which he pursued it.

Adeyemi added, “Braimoh revealed that his company and NYSC had already signed a Memorandum of Understanding on the issue at hand, stating that a curriculum for the various skill sets had already been developed, awaiting the approval of NYSC for work to begin. He expressed delight at the DG’s passion for the project to come to fruition.”

According to a statement on Sunday by Olua Davidson, spokesman of Labour and Employment, Festus Keyamo, the federal government today Monday, 29, June 2020 will inaugurate the various committees in all 36 States and the Federal Capital Territory (FCT).

The inauguration is to take place in Abuja by the Minister of State, Labour and Employment, Festus Keyamo.

It said the committees would be in charge of “selecting the 1,000 persons per Local Government Area in respect of the Special Public Works Programme of the Federal Government.”

The 36 States and FCT committees would have 20 members each.

These are the Chairman, Vice Chairman, Secretary (the NDE State Coordinator), Three Reps of Traditional Rulers from the three Senatorial Districts (members), One Rep of the State Governor (member), Market Woman Leader (member).

Also to be on the committee are State Chairman of Christian Association of Nigeria (CAN) or a Rep (member), State Chairman of Nigerian Supreme Council for Islamic Affairs or a Rep (member), State Chairman of the National Union of Road Transport Workers or a Rep (member).

Others are Six Reps from three youth organisations (two each from each of the three Senatorial Districts (one male & one female) – member, One Rep from a recognized Civil Society Organisation (CSO) – (member) and Two Reps from Institutions/Stakeholders representing interests peculiar to that State (members).

Meanwhile, the Chairmen, Vice-Chairmen and State Coordinators of National Directorate of Employment (NDE) would join the inauguration by virtual means from their different locations due to the COVID-19 guidelines on social distancing.

The Director-General, NITDA, Mallam Kashifu Abdullahi, gave the advice during an online interactive session with Nigerian youths on the topic, ‘Education, Employment & Technology in Nigeria, Gaps & Opportunities Post COVID-19 Pandemic’, which was organised by Global Shapers Community

The NITDA DG explained that acquiring these digital skills would help youth to be self-reliant post-COVID-19 era, adding that they have to remain committed to their talents.

“Nigerian youths should stay committed and focused on their endeavours because time to hold-on to only educational qualifications without prerequisite skills is gone, especially now that the world has changed in different dimensions.

“The outbreak of the novel Coronavirus has been a monumental disaster globally, Nigeria inclusive.

“It has led to unprecedented disruptions to global economy, sharp drop in global crude oil prices, Nigeria economic mainstay and financial markets are struggling; massive loss of employment to the teaming youth, lockdown of schools and institutes of higher learning, among others.

“As of March 28, 2020, the COVID-19 pandemic is causing more than 1.6 billion children and youth to be out of school in 161 countries. This is close to 80 per cent of the world’s enrolled students,” he said.

Governor Dapo Abiodun, in a statement by his Chief Press Secretary, Kunle Somorin disclosed this on Sunday, noting that the 29,000 people applied for the jobs through the recruitment window of the government.

Somorin said submission of application closed on Saturday and the recruitment would be completed before the end of the year.

According to him, the planned recruitment of 1,500 teachers is part of the government’s efforts to restore the education sector in Ogun State, stating that the government is committed to providing a conducive environment for teaching and learning made it embark on the reconstruction of schools across the 236 wards in the state.

“Qualified candidates will be notified this week through Short Message Service on the phone numbers submitted via the job portal, jobs.ogunstate.gov.ng,” he said.