Nigeria’s unemployment grew to 27.1% from 23.1%
Nigeria’s unemployment rate grew to 27.1% in the second quarter of 2020, the statistics office said on Friday, rising from 23.1% which last released in the third quarter of 2018.
The National Bureau of Statistics new report showed that the number of persons in the economically active or working-age population (15 – 64 years of age) during the reference period of the survey was 116,871,186. This is 1.2% higher than the figure recorded in the third quarter of 2018, which was 115,492,969.
The number of persons in the labour force (i.e. people within ages 15 -64, who are able and willing to work) was estimated to be 80,291,894, a figure 11.3% less than the number persons in Q3, 2018.
Of the 58,527,276 people in employment (i.e. people with jobs) during the reference period, 35,585,274 were full-time employed (i.e. worked 40+ hours per week), while 22,942,003 were underemployed (i.e. working between 20-29 hours per week).
The figure is 15.8% less than the people in employment in Q3, 2018, the NBS said.
Similarly, the underemployment rate increased from 20.1% in Q3 2018, to 28.6% in the period under review.
The unemployment rate among rural dwellers was put at 28%, up from 23.9% in Q3 2018, while urban dwellers reported a rate of 25.4%, up from 21.2%. The NBS noted further that in the case of underemployment among rural dwellers, it rose to 31.5% from 22.8%, while the rate among urban dwellers rose to 23.2% from 13.7% in Q3, 2018.
The report also showed that the unemployment rate among young people (15-34years) was 34.9%, up from 29.7%, while the rate of underemployment for the same age group rose to 28.2% from 25.7% in Q3, 2018.
These rates were the highest when compared to other age groupings, the report showed.