Unemployment Rate In Ngeria Has Currently Reached 33.3 Percent
According to the latest report from the National Bureau of Statistics (NBS); unemployment rate in Nigeria rose from 27.1 per cent in the second quarter of 2020 to 33.3 per cent in the fourth quarter of 2020.
This implies that 23.1 million of Nigeria's population do not have a job or worked less than 20 hours a week, which makes them included in the statistics of the unemployed.
It also translates to an increase of 1.42 million people added to the country’s unemployment statistics when compared to 21.77 million unemployed persons in Q2.
However, underemployment rate decreased from 28.6 per cent to 22.8 per cent for the reference period.
The NBS further reported in its ‘Labour Force Statistics: Unemployment and Underemployment Report (Q4 2020),’ which was released by the statistical agency, that a combination of both unemployment and underemployment rates stood at 56.1 per cent for the period under review.
The agency explained that the increase in the rate of unemployment does not mean an increase in job lose as job lose is just one of the many reasons for unemployment.