LABOUR PRODUCTIVITY REPORT Q3 2016
Economic growth in Nigeria, though stable in the past few years, started to experience some a downward trajectory in the fourth quarter of 2014. In the third quarter of 2016, Nigeria recorded its 3rd consecutive quarters of negative growth, with the economy
declining by 2.24%. The constraints on productivity of labour and other factor inputs continues to put a drag on overall economic growth and this was further exacerbated in the third quarter of 2016. A growing unemployment rate at 13.9%, coupled with high exchange rates and infrastructure challenges, the Nigerian economy faces a considerable threat to realising its full growth potential due to productivity challenges.
Data source: National Bureau of Statistics