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    Security features of the new naira notes revealed by the CBN

    JUST IN: CBN orders banks to begin payment of new notes over the counter

    Atiku heads to Europe on ‘business trip’

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    Suspected herdsmen ambush Benue policemen, kill DPO

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    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

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    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

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    Buhari to unveil new naira notes Wednesday — no longer Dec 15

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    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
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    • Cryptocurrencies
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    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    Equities Market Recorded Gains… As NGX-ASI Grows Marginally By 0.49%

    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

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    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

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    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

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    DMO offers N360 bn FGN Bonds for subscription in January

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    2022 financial year: UAC of Nigeria posts N2.69 billion loss

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    2023 Bible Lessons on Setting your Financial/Investment Goals

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    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

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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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