ILO Warns that Nigeria’s Unemployment Rate Could Increase.

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The International Labor Organization has issued a dire warning that millions of people in Nigeria and other Sub-Saharan nations run the grave risk of experiencing high unemployment in 2023. The ILO expressed concern that the Russia-Ukraine war would cause millions of Nigerians to fall further into poverty in 2023 and that many would do so already.

According to a report by the UN organization, which was established to promote social and economic justice by establishing international labor standards, Despite benefiting from higher oil prices in 2022, the report claims that there are numerous warnings that the current monetary tightening to combat inflation could overshoot, possibly resulting in very high unemployment rates in the nation.

The proportion of African nations at high risk of conflict has also increased recently, according to the ILO.  “There are widespread warnings that current monetary tightening to fight inflation could overshoot, potentially leading to high levels of unemployment. “According to the report, indicators of total working hours and employment suggest that a relatively quick labour market recovery took place in 2021.

Punch.

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