Public Management

Nigeria: Govt’s post-Covid-19 recovery plan helps restore and create 2 million jobs

Monday, 29 March 2021 15:16
Nigeria: Govt’s post-Covid-19 recovery plan helps restore and create 2 million jobs

(Ecofin Agency) - The stimulus package established by the Nigerian government to boost the economy in a post-pandemic context has helped restore and create more than 2 million jobs. The information was reported last March 26 by Laolu Akande (pictured), the spokesperson of the Vice President of Nigeria, during a press conference.

According to him, more than N2,300 billion ($6.04 billion) has been earmarked for the Economy Sustainability Plan (ESP) initiated by the authorities in June 2020. The plan was aimed at addressing the economic consequences of the Covid-19 crisis, which slowed down business activities in the country.

The two million jobs created or saved mainly concern the MSMEs (micro, small and medium enterprises, ed) which benefited from the recovery plan, the wage support program, the ongoing rehabilitation works including the 774,000 jobs created as part of the public works ongoing in each of the 774 local government areas.

Despite this announcement, official statistics show that the labor market was particularly affected by the pandemic. Data provided by the National Bureau of Statistics revealed that the unemployment rate in Nigeria jumped to 33.3% of the active population during the fourth quarter of 2020, against 27.1% in Q2 2020. The International Monetary Fund also found in a report issued last year that Nigeria needs to create up to 5 million jobs every year for the next decade to prevent an explosion of the unemployment rate.

With 162,489 confirmed cases and 2,041 deaths, the country is one of the West African countries most affected by the pandemic in an already tough context due to the decline in oil prices. Last year, the Nigerian economy recorded a historic recession, estimated at -3% of GDP by the AfDB.

For 2021, the institution projects the country's growth at 1.5%, due in particular to the stimulus measures described in the Economic Sustainability Program (ESP) and the 2020 budget law which "could stimulate non-oil revenues."

Moutiou Adjibi Nourou

Additional Info

  • communiques: Non
  • couleur: N/A
 
Finance


 
Telecom


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.