By Asha Jayakody
Abuja (CWBN)- According to the Central Bank of Nigeria (CBN) Nigeria’s uncertain economy had come to a halt with the increase of the country’s unemployment rate of 30%. The culmination of the rate derive Nigeria as the pace of Africa’s largest economic downfalls.
Pricewater House Coopers (PWC), a Multinational proffessional establishment foresaw thta the unemployment rate will heightened by 2021 as italready incorporated to arate of 28% by the end of the third quarter in September.
The Central Bank of Nigeria (CBN) had warned Nigerians regarding their granting of duplicitous loan offers including investment schemes requesting loan seekers and small scale businesses to apply for credits that facilitated by the apex bank. CBN’s statement entitled: ‘ Beware of Fraudulent Loan offers, investment schemes’ is an attempt to avoid Nigerians interventions on such programs.
As per the World Bank, Nigeria’s removal of the oil subsidy was a catalyst for the increase of unemployment rate together woth the economic downfall amidst the COVID 19 pandic.
Investors discourage owing to Nigerian government’s debts and fixed income instruments following high interest rates by September motivated them to cast their businesses elsewhere to rellocate their assets is also a major role in Nigeria’s present condition.
