A new report by the World Bank shows that Nigeria and other countries in the Sub-Saharan Africa (SSA) region have the highest rates of self-employment and unpaid family employment in the world.
In its latest Africa’s Pulse report, the multilateral lender said this ranking is leading to depressed worker productivity and limiting workers’ earnings for their skills.
The report said the lack of quantity contributes to poor job quality, as defined by unstable employment, inefficient use of skills, lack of appropriate equipment, or inhumane working conditions.
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The report also revealed that the Nigerian Naira has experienced nearly a 40 percent depreciation in 2023, making it one of the worst-performing currencies in Sub-Saharan Africa.
This year, other currencies in the region with significant losses include the Angolan Kwanza, South Sudanese Pound, Burundian Franc, Congolese Franc, Kenyan Shilling, Zambian Kwacha, Ghanaian Cedi, and Rwandan Franc. Other currencies with significant losses so far in 2023 are those of South Sudan (33 percent), Burundi (27 percent), the Democratic Republic of Congo (18 percent), Kenya (16 percent), Zambia (12 percent), Ghana (12 percent), and Rwanda (11 percent),” the report said.
These losses are attributed to various factors, including uncoordinated policy interventions and foreign exchange controls, which have also contributed to inflation in some Sub-Saharan African countries, such as Ethiopia, Nigeria, and Zimbabwe.
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