Nigeria’s unemployment rate rises to 33.3% – NBS

Read Time:2 Minute, 14 Second
Nigeria’s unemployment rate rises to 33.3% – NBS

Nigeria’s  unemployment rate rose from 27.1 percent in Q2, 2020 to 33.3 percent in Q4, 2020.

In its quarterly unemployment and underemployment report released on Monday, the National Bureau of Statistics (NBS) said during the reference period, the computed national unemployment rate rose from 27.1 percent in Q2, 2020 to 33.3 percent in Q4, 2020, while the underemployment rate decreased from 28.6 percent to 22.8 percent.

The report indicates that a combination of both the unemployment and underemployment rate for the reference, period gave a figure of 56.1

This means that 33.3 percent of the labour force in Nigeria (23,187,389 persons) either did nothing or worked for less than 20 hours a week, making them unemployed by our definition in Nigeria. This is an additional 1,422,772 persons from the number in that category in Q2, 2020.

Using the international definition of unemployment, the rate was computed to be 17.5 percent. When considered by educational status, those reporting A ‘levels as their highest qualification had the highest rate of unemployment with 50.7 percent, followed by those with first degree/HND at 40.1percent.

Those with Doctorate Degrees as their highest qualifications reported the lowest rate of unemployment, 16.9 percent during the reference period. Under the age-groupings, the highest rate of unemployment was recorded among the 15-24-year age-group with 53.4 percent, followed by those aged between 25-34 with 37.0 percent, together the youth population recorded an unemployment rate of 42.5 percent.

In the case of underemployment by age grouping, those aged between 55-64 recorded an underemployment rate of 25.7 percent, the highest amongst the age groups. This was followed by those aged between 45-54 with 24.4 percent, while those with the lowest underemployment rate were those aged between 15-24 with 19.8 percent.

A combination of unemployment and underemployment rates shows that those aged between 15-24 reported a combined rate of 73.2 percent, showing a serious challenge for the age-group in secure full-time employment. Female unemployment was highest among the genders with 35.2 percent while the male was 31.8 percent during the reference period.

A similar case was recorded for underemployment, 24.2 percent was reported for females, while males reported an under-employment rate of 21.8 percent. The unemployment rate among rural dwellers was 34.5 percent, while urban dwellers reported a rate of 31.3 percent. In the case of underemployment, rural dwellers reported a rate of 26.9 percent, while the rate among urban dwellers was 16.2 percent.

0 0

Leave a Reply

Your email address will not be published. Required fields are marked *