Metro

World of Statistics rates Nigeria as global unemployment capital

Published

1 year ago

August 10, 2023

A new statistic released by the World of Statistics has placed Nigeria as the leading country in the world with the highest unemployment rate.

In the report published in its website, the USA-based organisation said Nigeria leads the rest of the world with 33.3 per cent, followed by South Africa 32.9 per cent, and Iran which comes in at third place with 15.55 per cent.

On the positive side, the report stated that the lowest rate of unemployment for the period under review was in countries like Qatar with 0.1 per cent, Cambodia, 0.36 per cent, and Niger Republic at 0.5 per cent.

A recent report by multinational consulting firm, KPMG, had also noted that the unemployment rate in Nigeria had increased to 37.7per cent in 2022, and would further rise to 40.6 per cent by the end of 2023 due to the continuing inflow of job seekers into the job market.

“The unemployment rate in Nigeria would continue to be a challenge due to the slower-than-required economic growth, and the inability of the economy to absorb the 4-5 million new entrants into the Nigerian job market every year,” the KPMG report had said.

Related Topics:Featured Nigeria Report Unemployment World of Statistics

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Metro

World Bank pledges $3b to support Zambia’s development goals

Published

9 hours ago

November 14, 2024

Isaac Dachen

The World Bank Group has pledged to avail Zambia with approximately $3 billion to support the country’s development goals under the new Country Partnership Framework (CPF) for 2025-2029, with nearly half of the funds already disbursed.

World Bank Country Manager, Achim Fock, who made this known at the CPF launch at the Mulungushi Conference Centre in Lusaka on Wednesday, outlined the global lender’s focus areas, which included enhancing jobs, human capital, and climate resilience.

Fock highlighted that $200 million had been approved to strengthen Zambia’s social protection programs, including the Refugee and Host Community Project.

He also expressed optimism for upcoming approvals, including the Climate and Economic Resilience Financing and the Zambia-Tanzania Interconnector.

Zambia’s Finance and National Planning Minister, Situmbeko Musokotwane, who also spoke at the event, noted that 2.3 million Zambian households have so far benefited from social protection interventions such as the Cash for Work Programme, emphasizing the government’s commitment to safeguarding lives amid crises like the recent drought.

Musokotwane further reiterated the government’s commitment to protecting lives during times of crises such as the recent drought.

“More than two thirds of the Zambian population was affected by the drought. It was the government’s view that the first priority was to save lives,” Musokotwane stated.

Metro

Chinese mining giant CNMC set for $1.6 billion investment in Zambia

Published

1 day ago

November 13, 2024

Isaac Dachen

A Chinese mining giant, China Nonferrous Metal Mining Company (CNMC), has announced the investment of over $1.6 billion in Zambia, following successful discussions with President Hakainde Hichilema at the State House on Tuesday.

CNMC Chairman and Chief Executive Officer, Wen Gang, who held the discussions with Hichilema along with the Chinese Ambassador to Zambia, Han Jing, confirmed the company’s commitment to furthering Zambia’s economic development.

“We are actively investing in critical sectors of Zambia’s economy,” Gang said after the meeting.

He noted that CNMC was currently pumping water from Shaft 28 at Luanshya Copper Mine, where 29.9 million cubic liters have been cleared as part of intensified dewatering efforts, adding that the company plans to inject an additional $200 million to develop a greenfield mine on the Copperbelt.

President Hichilema who welcomed CNMC’s commitment, highlighted the potential economic impact of the firm’s investment which will include job opportunities for Zambians.

“This $1.6billion investment, alongside advanced technology and expansion, will extend operations and create more jobs and opportunities for Zambians, especially in mining contracting and supply,” the President said.

He also expressed gratitude to Chinese President Xi Jinping and the Chinese government for their shared commitment to fostering growth and cooperation between the two countries.