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    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

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    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

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    Federal Government approves 30-year concession for Enugu Airport

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    Breaking: US and EU agree trade deal

    Federal Government commissions three “ultra-modern” oncology centers

    Federal Government commissions three “ultra-modern” oncology centers

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    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

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    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN ends free ATM withdrawals for other banks’customers

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    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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    President Tinubu assents to Nigerian Insurance Industry reform bill 2025

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    Caverton Shareholders approve 10 kobo per share dividend and others at AGM

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    How Donald Trump won the 2024 U.S Presidential Election

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    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

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Unemployment Rate continues to rise in Nigeria even as Labour Force declines

Friday, 14 August 2020, 10:51 am
in News, Nigeria
0
Unemployment Rate continues to rise in Nigeria even as Labour Force declines
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The National Bureau of Statistics (NBS) has finally released Nigeria unemployment data, for the first time since the third quarter of 2018. Nigerians has raised concern, over governments inability to release the data that will put a figure behind the high level of unemployment seen in the country.

According to the data released by NBS, the unemployment rate during the reference period, Q2, 2020 was 27.1%, up from the 23.1% recorded in Q3, 2018. The underemployment rate increased from 20.1% in Q3, 2018 to 28.6% in Q2 2020.

For the period under review, Q2, 2020, 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.

Despite the increasing population in Nigeria, the labour force is declining at an alarming rate. The number of persons in the labour force (i.e. people within ages 15 -64, who are able and willing to work) declined by 11.3% in Q2 2020 to 80,291,894, compared to the figure in Q3 2018 according to the report.

Have you read?

  • Nigeria oil production declined to 1.373 million bpd in July – OPEC report
  • China to launch digital currency pilot program – Ministry of Commerce

The unemployment rate in Nigeria has been on a steady increase since Q1 2015. In 2010, the unemployment rate was reported as 5.1%, however it rose to 10.6% in 2012, and then declined to 10.3% in 2013, and then dropped to 6.4% in Q4 2014.

Unemployment Rate in Nigeria from Q4 2014 – Q2 2020

Source – NBS

Written by;

Ifunanya Ikueze

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