• Saturday, February 24, 2024
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High unemployment, food insecurity threaten fragile states’ economies – Report

High unemployment, food insecurity threaten fragile states’ economies – Report

Nigerian states are in for tough times as high unemployment, lack of food security and spread of illicit economic activities threaten to curb economic growth, according to the Pcl. State Performance Index report.

The report, titled ‘My State: Economic Potentials and Performance of States in Nigeria’, provides informational resources for understanding the socioeconomic performance and risk profiles of Nigerian states.

The PSPI utilised four classes of indicators to assess state performance: socioeconomic performance indicators from secondary sources, socioeconomic performance from surveys, socioeconomic endowments/potentials of the state, and risk exposure.

The survey, which was conducted in 2023, engaged 6,096 respondents nationwide, representing a cross-section of Nigerian society, classified state risk factors into three: high-risk, medium-risk and low-risk.

According to the report, unemployment takes the highest risk factor states must address in order to achieve noticeable growth.

Out of Nigeria’s over 200 million population, 63 percent are unemployed; food insecurity, which leads to low availability of staples and other consumables, amount to 41 percent while erosion of social and cultural values stood at 40 percent.

Gombe, Jigawa, Ekiti, Lagos and FCT ranked top as states with the best positive outlook.

Gombe ranked first due to its “continuity in government, ongoing investments in infrastructure, alignment with federal initiatives, economic diversification, and strategic agricultural programmes.”

Plateau, Nasarawa, Zamfara, Abia, and Imo states were least performing states accordingly.

Highlighting the socio-economic performance of states, employment, public institutions, and access to potable water were said to be the “worst-performing indicators” across Nigerian states.

“Conversely, states generally excel in the top three areas of financial inclusion, physical infrastructure, and public transportation,” the report showed.