Majority of Nigerians say the country’s unemployment levels would further rise in 2019, the National Bureau of Statistics has revealed.
The agency, in its labour force statistics report covering fourth quarter 2017 to third quarter 2018, put the figure of unemployed Nigerians at 20.9 million from 17.6 million in 2017.
In its Consumer Expectations Survey Report for Q4 2018, the Central Bank of Nigeria noted that despite the fact that the unemployment index for the next 12 months remained positive at 29.3 points in Q4 2018, consumers feared that the situation may likely not change over the next 12 months.
According to the report, most respondents expected prices of goods and services to rise in the next 12 months with rent, food and other household needs, telecommunication, electricity, debt payment and purchase of house as the major drivers.
The report noted that the overall buying conditions index for consumers in the current quarter for big-ticket items stood at 46.1 points.
“This indicates that majority of consumers believed that the current quarter was not the ideal time to purchase big-ticket items 5 like consumer durables, motor vehicles and house & lot.
“Overall buying intention index in the next 12 months stood at 50.3 index points, indicating that a good number of consumers intend to buy these items in the next 12 months.
“The buying intention indices for consumer durables, motor vehicles and house & lot were below 50 points, indicating that respondents have no plans to make these purchases in the next twelve months,” the report said.
However, the index for consumer durables stood close to 50, indicating that a few respondents were contemplating purchasing furniture, gas cookers and electronics in the next twelve months.
However, the consumers’ overallconfidence outlook improved in Q4 2018, as more consumers were optimistic in their outlook.
The index at 9.7 points was 8.7 points higher than the index in the corresponding period of 2017.
Respondents attributed this favourable outlook to improved family income, family financial situation and economic condition.
The report further showed that consumer outlooks for the next quarter and next 12 months were positive at 33.2 and 28.4 points, respectively.
“This 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,” it added.
