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Millions of Nigerians jobless as unemployment rate skyrockets

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Nigeria the giant of African is on the top list of countries with the highest rate of unemployment, with 23.2 million Nigerians jobless. In Nigeria, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force.

According to recent data from the National Bureau of Statistics (NBS), Nigeria’s unemployment rate rose to 33.3 percent in fourth quarter (Q4) of 2020 from 27.1 percent recorded in second quarter (Q2) of 2020. The underemployment rate declined from 28.6% in Q2, 2020 to 22.8%.

Imo state has the highest unemployment with 56.64 percent unemployed, second highest is Adamawa State with 54.89 percent unemployed and followed by Cross Rivers State with 53.65 percent unemployed.

UNEMPLOYED NIGERIANS JOB HUNTING

Osun State recorded the lowest rate of unemployment 11.65 percent, next to Osun is Benue State with 11.98 percent and followed by Zamfara State with 12.99 percent unemployed.

 “The unemployment rate among rural dwellers was 34.5%, up from 28.2% in Q2, 2020, while urban dwellers reported a rate of 31.3% up from 26.4%.

“In the case of underemployment among rural dwellers, it declined to 26.9% from 31.5%, while the rate among urban dwellers decreased to 16.2% from 23.2% in Q2, 2020,” the report said.

JOB SEEKERS IN NIGERIA

The report added that the total number of people in employment (i.e., people with jobs) during the reference period was 46,488,079.

“Of this number, 30,572,440 were full-time employed (i.e., worked 40+ hours per week), while 15,915,639 were under-employed (i.e., working between 20-29 hours per week).

“This figure is 20.6% less than the people in employment in Q2, 2020. For the period under review, Q4, 2020, the unemployment rate among young people (15-34 years) was 42.5% up from 34.9%, while the rate of underemployment for the same age group declined to 21.0% from 28.2% in Q2, 2020.

To compare the Unemployment Rate by Country go to www.tradingeconomics.com/country-list/unemployment-rate

Source: NBS (National Bureau of Statistics), Reuters

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