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Unemployment and foreign exchange crisis: Gas supply shortages for industries aggravate the situation

16/08/2022
Categories: Raw materials

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Nigeria's unemployment crisis could worsen in the coming weeks due to supply shortages for businesses in Lagos and Ogun states.

The National Bureau of Statistics (NBS) estimated Nigeria's unemployment at 33% in the first quarter of 2021, compared to 27.1% in the second quarter of 2020, making the country second in the World list of economies with the highest unemployment rate. According to the local press, unless urgent measures are taken to improve gas supplies to industries, the situation is likely to get worse and worse in the country. Gas supply in Nigeria is mainly channelled to three sectors, including; the commercial sector (including manufacturing as a component), the electricity sector, and gas-based industries.

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