Nigerian unemployment rate had increased to 37.7per cent in 2022 and will further rise to 40.6per cent due to the continuing inflow of job seekers into the job market. The multinational consulting firm, in a newly released report tagged ‘KPMG Global Economy Outlook report, H1 2023,’ said unemployment will continue to be a challenge due to the slower-than-required economic growth and the inability of the economy to absorb the 4 to 5 million new entrants into the Nigerian job market every year.
The report also said that in 2024, the unemployment rate will grow to 43 per cent while inflation will accelerate to 20.3 per cent in 2023 and 20.0 per cent in 2024.
The KPMG added that the incoming administration will face a deeply rooted challenging environment, characterized by fragile and slow economic growth and challenges in the foreign exchange market.
The firm projected recovery in telecommunications, and trade services, as well as an expected recovery in the oil sector, on account of measures being taken to tackle security issues, to drive the forecast of three per cent growth in 2023.