Nigeria’s unemployment rate jumps to 33.5%

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The Nigeria Bureau of Statics has released a new report which revealed that the country’s unemployment rate jumped from 27.1% in the second quarter of 2020 to 33.5% in fourth quarter of the same year. The agency placed underemployment rate at 22.8% in Q4 2020 (28.6% in Q2 2020) while the total of unemployment and underemployment was put at 40% in Q4 2020 (35.2% in Q2 2020).

It read;

“The number of persons in the economically active or working age population (15 – 64 years of age) during the reference period of the survey, Q4, 2020 was 122,049,400. “This is 4.3% higher than the figure recorded In Q2, 2020, which was 116.871,186.”

The number of persons in the labour force, that is people within ages 15 -64 who are able and willing to work was placed at 69.675,468.

The report added;

“This was 13.22% less than the number persons in Q2, 2020. This number, those within the age bracket of 25-34 were highest. with 20,091_695°r 28.8% of the labour force.

“The total number of people in employment (people with jobs during the reference period was 46.488.079. Of this number. 30.572.4.40 were full-time employed (i.e.. worked 404 hours per week), while 15,915,639 were under-employed (Le., working between 20-29 hours per week) this figure is 20.6% less than the people in employment in Q2.2020.”

The unemployment rate among rural dwellers was 343%, up from 28.2% in Q2, 2020, while urban dwellers reported a rate of 31.3% up from 26,4%. Underemployment among rural dwellers declined to 26.9% from 313%, while the rate among urban dwellers decreased to 16.2% from 23.2% in 2020.

The NBS report read;
“The unemployment rate among people aged 15- 34years 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. These rates were the highest when compared to other age groupings.”

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