by Tunji Andrews
The latest job creation figures released by the National Bureau of Statistics, NBS, show that the economy created a total number 349,343 jobs in the third quarter of 2014, which was an improvement, compared to the 259,353 jobs created in the second quarter of 2014. The NBS report stated that the formal sector created 145,464 jobs in the third quarter, compared to 78,755 jobs created in the second quarter of 2014. The report also stated that the Informal sector generated 198,114 jobs in the third quarter, up from the 175,786 jobs created in the second quarter of 2014, while the Public sector created 5,735 new jobs compared to the 4,812 jobs in the previous period.
The NBS has stated the new figure was arrived at through a recent job creation survey carried out by the NBS for the third quarter of 2014, with the scope of the survey covered formal and informal establishments and public institutions in the country.
The manufacturing sector generated the most formal sector jobs in with 54,446 jobs, a total of 37.5% of the entire formal jobs created in the period. The Health & social services, education, wholesale & retail sectors, came in 2nd, 3rd & 4th at most jobs in formal sector with 21%,15% and 11% of total jobs created respectively.
These estimates are the results of the Quarterly Job Creation Survey commissioned by the National Bureau of Statistics (NBS) in collaboration with the Office of the Chief Economic Adviser to the President, National Planning Commission and the Federal Ministry of Labour & Productivity. With employment generation being one of the pillars of the present administration’s Transformation Agenda, the objective of the quarterly survey is to track the number of jobs being created in the economy within a given period of time, provide multi-sectoral and policy relevant data on the employment-generating sectors, seasonality in employment and the labour market.
Formal jobs refer to employment generated in establishments that employ 10 persons and above, or formal professional services that employ less than 10 persons. The Informal jobs are those generated by individuals or businesses employing less that 10 or those businesses operating with little or no structures e.g. those in Agriculture and Wholesale and Retail Trade. While The Public Institutions are the Government Ministries, Departments, Agencies (MDAs), Government Parastatals, Academic and Research Institutions at Federal, State and Local government levels.
The Quarterly Job Creation survey is a nationwide survey, covering all 36 states of the federation including the Federal Capital Territory (FCT). A sample of 5000 establishments was taken across the country covering all sectors of the economy. This round of the survey, for which estimates are being reported, achieved a response rate of 82.1 percent from the establishments selected in the sample, which is highly commendable. The following selected tables are the key findings from the surveys, a
detailed report of the survey results will be published subsequently.