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>Big Story >Nigeria’s unemployment rate rises to 33.3% – second highest in the world

Nigeria’s unemployment rate rises to 33.3% – second highest in the world

Nigeria’s unemployment rate has jumped from 27.1% in the second quarter of 2020 to 33.5% in the fourth quarter of the same year. This is according to the Nigeria Bureau of Statistics (NBS).

According to a report published on its website, Nigeria’s unemployment rate rose to 33.3 percent, translating to some 23.2 million people; the second-highest rate in the world.

The NBS also put the 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)

“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,” NBS stated.

The report further put the number of persons in the labour force that is people between ages 15 -64, who are able and willing to work at 69.675,468.

“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,” NBS said.

Also Read: Unemployment: Nigeria needs 5 million jobs annually for 10 years to close gap – IMF

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%.

In the case of underemployment among rural dwellers, it declined to 26.9% from 313%, while the rate among urban dwellers decreased to 16.2% from 23.2% ing2, 2020.

Across the states, Imo reported the highest rate of unemployment with 56.6 percent, followed by Adamawa and Cross River with 54.9 percent and 53.7 percent respectively.

Osun State had the lowest rate at 11.7 percent.

Experts have continued to attribute the increase in the unemployment rate figures to the after-effect of the covid-19 induced lockdown which caused my organisations to reduce their work force as a means to cope amidst the pandemic.

New Release: The African Economic Congress 2020 Report.