Again, Osun Ranks Lowest Unemployment Rate in Nigeria

By Sodiq Yusuf

Despite low allocation from the Federation Accounts Allocation Commitee, the State of Osun has successfully improved its economy as latest ranking puts it top as the state with the lowest unemployment rate in Nigeria.

According to recent figures, released by the National Bureau of Statistics, the state leads with the unemployment rate of 10.1% followed by Oyo with 10.3%.

The report showed that Nigeria’s South Western region has the lowest unemployment rate regionally with 14% while the South South has the highest in 32%.

The new figures corroborate earlier reports released by the NBS, UNDP and the Financial Derivates company all rating Osun first in financial sustainability, investment in its people and poverty alleviation In 2016, 2017 and 2018.

The latest NBS report shows that the unemployment and underemployment rates during the quarter increased to 10.1% (5.29% in Q3 2017) and 14.6% respectively.

It reflects an increase of 4.8 and 0.9 percentage points in unemployment and underemployment rates respectively when compared to the same quarter of 2017.

Also, the labour force population was 2,466,519 at the end of the third quarter, an increase of 91,773 or 3.9% from the figure recorded in Q3 2017.

The total net (created minus lost) number of employed persons (full time and part- time/underemployed persons) decreased by 312 persons within Q3 2017 to Q4 2018.

More importantly, Osun has the lowest net FAAC allocation in 2018 but still recorded the lowest unemployment rate while the South-South which has the highest FAAC Allocation N848B of any geopolitical region vs the South west which has the lowest net FAAC allocation N344B of any geopolitical region, has the highest unemployment rate per region in the country.

The latest report which buttresses earlier submissions in the assessment of poverty, fiscal sustainability index and the newest unemployment rate figures justifies the results of the long term investment drive of the state government under the immediate past administration of Ogbeni Rauf Aregbesola and the incumbent of Governor Gboyega Oyetola In Youth Employment, Women Empowerment, Massive Infrastructural Development and other developmental strides that has meaningfully impacted positively on the fortunes of the state.

The state which receives the lowest in terms of allocation from the Federal Government continues to record significant achievements in terms of economic growth and all round development which is a result of the ingenuity of financial re-engineering and people centered policies which has reduced drastically the crime rate, poverty level and the miserable index of its citizens.