Nigerian economy creates over 1 million jobs

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, says the Nigerian economy created a total of 1.2 million jobs in 2013 and that about 91 percent of these jobs were created by the private sector. Speaking at a JPmorgan event in Washington, US on the sideline of the 2014 IMF/World Bank Group Annual Meetings, Emefiele said: “For the first half of 2014, the economy has created over 500, 000 jobs and “interestingly, almost 40 percent of employers cited “business expansion” as the reason for hiring new staff.”

He noted, however, that given that over one million persons enter the job market annually, there appears to be room for improvement.

According to Emefiele, the economy has remained resilient due to the fact that “the system has endured over 10 years of reforms. In the financial system, we have now had about a decade of sustained reforms to make us a better system”.

“The Reforms after the global financial crisis of 2007/2008 anchored on four pillars, namely: enhancing the quality of banks, establishing financial system stability, enabling a healthy financial sector evolution, and ensuring that the financial sector contributes to the real economy,” he said.

He also told his audience that the 2004 Bank Consolidation Programme was embarked upon to create more resilient banks, adoption of risk-based regulatory framework while the 2009 reforms after the global crisis was to enhance quality of banks, detoxicate the banking system and improve corporate governance.

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