Sam Ikeotuonye 02 September 2015, Sweetcrude, Lagos – A recently-released report on job creation by the National Bureau of Statistics, NBS, and other Federal Government agencies shows that the oil and gas industry created no new jobs in the second quarter of this year.
President Muhammadu Buhari
The sector was therefore credited with having zero new jobs in the report by the NBS, which conducted the job creation survey in the quarter in conjunction with the Office of the Chief Economic Adviser to the President, National Planning Commission and the Federal Ministry of Labour and Productivity.
Overall, according to the survey, the total number of jobs created in the second quarter 2015 was 141,368, a huge 70 per cent decline from 469,070 jobs created in the economy in the first quarter of the year. It also shows 45.5 per cent decline compared to figures for same period in 2014.
In the formal sector, the report showed that 51.070 new jobs were generated, representing 36.1percent of total jobs generated in the period. This is a decline of 61.6percent (79,871) jobs when compared to the first quarter of 2015 and a 35.2percent decline when compared to the same period in 2014.
In the informal sector in the second quarter, 83.903 new jobs were created compared to 332.403 new jobs in the first quarter 2015. This shows a 74.8 percent decrease between the two periods.
In the public sector of the economy, however, there was a 11.7 percent (669) increase in the number of jobs created, making 6.395 new jobs generated in the public sector in the second quarter 2015.