Nigeria’s Unemployment Rate Rises to 33.3%, Says NBS
Nigeria has been ranked on a list of countries with the highest unemployment rate globally.
The National Bureau of Statistics has equally reported that Nigeria’s unemployment rate has risen to 33.3 percent, translating to some 23.2 million people, the highest in at least 13 years, adding that one in three Nigerians who are able and willing to work had no jobs in the fourth quarter (Q4) of 2020.
The bureau disclosed that the figure rose from 27.1 percent recorded in the second quarter (Q2), amidst Nigeria’s lingering economic crisis made worse by the coronavirus pandemic.
Unemployment rate in the country has increased at an alarming rate since 2016 when the economy slipped into a recession,followed by another recession in 2020.
The report shows the number of persons in the labour force (people within ages 15 -64, who are able and willing to work) was estimated to be 69.7 million. Of this number, those within the age bracket of 25-34 were highest at 28.8 percent of the labour force.
While the unemployment rate increased, the underemployment rate, however, declined from 28.6 percent in Q2 to 22.8 per cent
Imo state is reportedly the state with the highest rate of unemployment with 56.6 per cent, followed by Adamawa state and Cross River state with 54.9 percent and 53.7 percent respectively while Osun state had the lowest rate at 11.7 per cent.
Underemployment was more prevalent in Benue state with 43.5 percent. Lagos recorded the lowest underemployment rate, with 4.5 percent.
Also, according to StatiSense, a data technology company, Bosnia and Herzegovinian , with 34.3 per cent, topped the list of countries with highest unemployment rate globally. This is followed by Namibia with 33.4 per cent, Nigeria, 33.3 per cent, and South Africa with 32.5 per cent, Angola, Mozambique, Kosovo, Jordan, Lesotho, Palestine and Swaziland, while those with the lowest rates are Qatar (0.1%), Belarus (0.2%), Niger (0.3%) and Laos (0.6%)
Nigeria now occupies the third position on a list of countries with the highest unemployment rate globally.