Top 10 African Countries With Lowest Unemployment Rates
- A number of African countries have done well to stem the tide of unemployment which data says stands at 60 per cent on the continent
- Despite the huge young population of Africa which analysts have said presents a huge opportunity for labour, not many African countries have harnessed it
- The countries that emerged as having the lowest unemployment rate in Africa are those who have put youth employment at the forefront of their economic policies
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Unemployment remains a big challenge on the African continent. The most affected are the youths in the continent whose demography is the hardest hit.
According to recent reports, youth unemployment stands at about 60 per cent in Africa.
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Nigeria among countries in Africa with high unemployment rate
A report released in 2017 by UN’s Renewal Magazine cautioned that Africa’s Youth unemployment problem had cast a dark shadow over its economic growth.
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Foreign Policy analysis warned that unemployment in Africa is becoming a great cause for concern.
Africa has one of the youngest populations in the world which experts say presents a huge labour opportunity.
Warnings about unemployment in Africa
The warnings that unemployment portends huge risk on the continent, African countries have done little to stem the tide.
According to Business Insider, Nigeria, Lesotho, Gabon, Somalia and Tunisia have the highest unemployment rates in Africa.
Investopedia defines unemployment as a situation of a person who is actively searching for employment and not being able to find work. It is considered a key measure of the health of any economy, with the frequent measure of unemployment being the rate of unemployment which is the number of people unemployed divided by the number of the labour force.
The list of 10 countries are listed below:
Below are 10 African countries with the lowest unemployment rates
- Niger: 0.8%.
- Benin: 1.5%.
- Rwanda: 1.6%.
- Burundi: is 1.8%.
- Chad: 1.9%.
- Madagascar: 2.6%.
- Tanzania: 2.6%.
- Uganda: 2.9%.
- Cote d'Ivoire: 3.5%.
- Senegal: 3.7%.
Nigeria among top 20 African countries with highest interest rates
Legit.ng reported that on June 14 through 15, the United States Federal Open Market Committee (FMOC) raised the country's interest rates by 75 basis points to stand between 1.50 to 1.75 per cent, the first increase since 1990.
African countries, including Nigeria, are battling a debt crisis that experts believe might lead to debt distress in the immediate future.
Last week the Central Bank of Nigeria (CBN) increased its interest rates to 14 per cent, which many experts say is the highest in over a decade.
Source: Legit.ng
