According to BUSINESS HALLMARK, KPMG has projected Nigeria’s unemployment rate to rise further to 40.6 percent in 2023.Information Guide Nigeria

In a report titled ‘Global Economic Outlook’, KPMG said the figure is based on its estimates.

The National Bureau of Statistics (NBS) in the fourth quarter (Q4) of 2020 said that Nigeria‘s unemployment rate stood at 33.3 percent.

“Unemployment is expected to continue to be a major challenge in 2023 due to the limited investment by the private sector, low industrialization, 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,” KPMG said in the report.JAMB Result

“Although lagged, the National Bureau of Statistics recorded an increase in the national unemployment rate from 23.1% in 2018 to 33.3% in 2020.

“We estimate that this rate has increased to 37.7% in 2022 and will rise further to 40.6% in 2023.”

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According to BUSINESS HALLMARK, KPMG projected that Nigeria’s gross domestic product (GDP) would continue to grow at a relatively slow pace of three percent in 2023.

It said the spillover from an expected slowdown in the global economy and its trade and financial flows implications are likely to drag on the country’s GDP.JAMB Portal

KPMG added that key non-oil sectors such as manufacturing, trade, accommodation, food services, and transportation would be negatively affected by the naira redesign policy introduced by the Central Bank of Nigeria (CBN), further slowing down overall GDP growth in 2023.

The firm said, “Nevertheless, we expect telecommunications, trade services, as well as an expected recovery in the oil sector, on account of measures being taken to tackle security issues, to drive our forecast of 3% growth in 2023.”NYSC Portal

KPMG further added that government revenue remained inadequate to support much-needed expenditure, leading to a high debt stock and high debt service payments.

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