The International Labor Organization has warned that millions in Nigeria and other sub-Saharan countries face the grave risk of high unemployment in 2023.
The ILO expressed concern that the war between Russia and Ukraine will push millions more Nigerians into poverty in 2022 and many will become even poorer this year.
The United Nations agency, whose mandate is to promote social and economic justice by setting international labor standards, said in a report
According to the report, despite having enjoyed higher oil prices in 2022, there are widespread warnings that the current monetary tightening to fight inflation could spill over, leading to high levels of unemployment in the country.
The ILO also said there has also been a recent increase in the proportion of countries in Africa at high risk of debt distress.
The report said in part: “Positive growth in 2022 was supported by particularly strong performance in hydrocarbon exporters such as Nigeria and Angola, thanks to higher prices and increased production.
“There are widespread warnings that the current monetary tightening to combat inflation could be exceeded, which could lead to high levels of unemployment.”
According to the report, indicators for total working hours and employment suggest that 2021 saw a relatively quick recovery in the labor market.
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