The unemployment rate in Nigeria maintained its upward trend hitting a record 33.3% in the fourth quarter of 2020 from the 27.1% reported in the second quarter, according to the Labor Force Statistics: Unemployment and Underemployment Report Q4 2020 released by the National Bureau of Statistics (NBS).
NBS in its report stated that the number of persons in the labour force (ages 15 -64, who are able and willing to work) was estimated to be 69,675,468, whereas the total number of people in employment in Q4 2020 was 46,488,079. This figure is 20.6% less than the people in employment in Q2, 2020.
The report read in part “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.”
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“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 69,675,468. This was 13.22% less than the number of persons in Q2, 2020. Of this number, those within the age bracket of 25-34 were highest, with 20,091,695 or 28.8% of the labour force.”
In Q4 2020, the unemployment rate among young people (15- 34years) was 42.5% up from 34.9%, the highest when compared to other age brackets.
The rural unemployment rate rose to 34.5% in Q4 2020 from 28.2% in Q2 2020 while that of urban dwellers rose to 31.3% from 26.4%.
“Imo State reported the highest rate of unemployment with 56.6%, this was followed by Adamawa and Cross River States with 54.9% and 53.7% respectively. The State with the lowest rate was Osun in the South-West with 11.7%
“For underemployment, the state which recorded the highest rate was Benue with 43.5%, while Lagos State recorded the lowest underemployment rate, with 4.5% in Q4, 2020.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.