News: Unemployment: 349,343 New Jobs Created in Q3 - CBN

The Central Bank of Nigeria, CBN, said 349,343 jobs were created in the economy in the third quarter of 2014. This is contained in the Communique issued by the Central Bank of Nigeria, CBN, after its Monetary Policy Committee Meeting, MPC, held in Abuja.

The figure is far greater than that of the second quarter which stood at 259,353. According to the CBN, the N200 billion Commercial Agriculture Credit Scheme (CACS) which was launched in 2009 has also created 166,790 jobs.

The Committee noted with satisfaction that the reforms in the power sector and other complementary policies if followed through; would promote investment and create the needed jobs for inclusive growth and development.

The CBN also stated that the domestic economy has remained strong and resilient in the face of strong global headwinds.

Real Gross Domestic Product (GDP) was estimated at 6.23 per cent for the third quarter of 2014. Although lower than the 6.54 per cent in the preceding quarter, it was higher than the 5.2 per cent achieved in the corresponding period of 2013.

The non-oil sector remained the major driver of growth recording 7.5 per cent in contrast to the oil sector, which contracted by 3.6 per cent. Overall, output is projected to grow at about 7.0 per cent in 2014, compared with the 4.2 and 5.5 per cent, recorded in 2012 and 2013, respectively.

The Committee also noted that the robust expansion in domestic output in the third quarter of 2014 against the tepid growth in the global economy was anchored by the improved performance in services, agriculture, trade, and industry.

Source: Vanguard