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.
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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