Sunday, February 12, 2012

Sanusi - Unemployment Rate Doubled Over Past Five Years

This Day
7 February 2012

Governor of Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, has disclosed that while the Nigerian economy grew at the rate of seven per cent for the past five years, unemployment has actually doubled at same period.

The CBN governor noted that the present development and economic reality in Nigeria, where unemployment is widening at a time of economic growth, is an aberration.

He said: "According to data from the National Bureau of Statistics (NBS); unemployment rate in 2011 is 29.3 per cent. This means that unemployment has doubled since last five years. Unemployment in Yobe is 60.6 per cent, Kano is 67 per cent and that is why when you go to Kano you will see a sea of people without work. We must make sure we did not begin to see our demography as a curse.

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