Nigeria’s unemployment rate rises to 33.3%

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Unemployment Growth detailed statistics with charts and diagrams on digital LCD Display

Nigeria’s unemployment rate has increased from 27.1% to 33.3% in the fourth quarter of 2020.

As reported by Channels Television, the Labour Statistics Report released by the National Bureau of Statistics (NBS) on Monday, the figure is 6.1% higher when compared to the 27.1% recorded in the second quarter last year.

“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, ” NBS said.

A breakdown of the report shows that the total number of people with employment stood at 46.48 million while the underemployment rate was down by 20.6 percent at 15.91 million.

Unlike in the economically active population, the age group that accounts for the highest number under the labour force is the 25-34 age group.

This, according to the report, is expected as most persons within the age group of 15-24 are involved in one form of schooling or the other, hence are not willing and/or available for work.

While females were more dominant under the active population, males were more dominant with 56.72%, with females accounting for 43.28%.

(With input from Channels Television)

 

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