The current Unemployment rate in the country is expected to worsen in the next 12 months according to the latest survey of the Central Bank of Nigeria (CBN).
The apex bank in its latest Consumers Expectations Survey noted that “unemployment index for the next 12 months remained positive at 26.6 points in first quarter 2018, indicating that majority of the consumers expect unemployment to rise in the next 12 months.”
The Consumer Expectations Survey (CES) was conducted between March 16 and 27, 2018, covering a sample size of 2,070 households drawn from 207 Enumeration Areas’ (EAs) across the country.
The report stated that with indices of 1.9 and 24.1 points, consumers expect borrowing rate to rise and Naira to appreciate in the next 12 months.
The survey noted that consumers’ overall confidence outlook worsened in Q1 2018, as fewer consumers were optimistic in their outlook.
“The index at -6.4 points was 23.0 points lower than the index in the corresponding period of 2017. Some respondents attributed this moderation in outlook to worsening economic condition and family financial situation.
“The consumer outlook for the next quarter and next 12 months were also positive at 20.8 and 28.5 points, respectively. This positive outlook could be attributed to the expected increase in net household income, the anticipated improvement in Nigeria’s economic conditions, and expectations to save a bit and/or have plenty over savings in the next 12 months,” the report by CBN said.
The overall response rate for the Q1 2018 CES was 83.5 per cent. Respondents’ distribution by educational attainment showed that 17.7 per cent had university education, 16.6 per cent had higher non-university education, while 23.8 per cent had senior secondary school education. Respondents with junior secondary and primary school education accounted for 6.4 and 17.2 per cent, respectively, while those with no formal education accounted for the balance of 18.3 per cent.
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