SAN FRANCISCO, 08, (THEWILL) – The National Bureau of Statistics (NBS) has revealed that the country saw a rise in labour productivity in the fourth quarter of 2016, the highest levels since first quarter of 2015.
This was contained in the Labour Productivity for Fourth Quarter of 2016 Report released by the NBS on Thursday in Abuja.
The bureau stated that while the overall level of productivity was high, there were several challenges that generally impacted on the output of labour, and indirectly on labour productivity, keeping it below optimal levels.
It stated that issues such as decline in the Gross Domestic Product (GDP), high unemployment rate and infrastructural challenges, faced during the quarter spilled over from first quarter through third quarter of 2016.
NBS stated that the constraints on productivity of labour and other factor inputs continued to put a drag on overall economic growth and this was further exacerbated in the fourth quarter of 2016.
“A growing unemployment rate of 14.2 per cent in the quarter, up from 13.9 per cent in the third quarter of 2016, coupled with existing infrastructural challenges, remain considerable threats to realising Nigeria’s full economic and productivity potential,” it said.
The bureau, however, stated that investment in the economy was still relatively low, though some government investments were recorded during the quarter revealing that the volume of private investment and Foreign Direct Investments (FDIs) are still considerably low compared to previous years.
The NBS said that power was relatively stable during the quarter, which partly accounted for the increase in labour productivity but was still lower than the required levels but noted that the agriculture sector was the main driver which recorded a growth of 3.39 per cent.
According to the report, the percentage was the highest among any major economic activity, with parts of the fourth quarter being the harvest season in the Nigerian agricultural calendar.
