Nigeria’s unemployment rate rose to 27.1 percent of its over 116.8 million working population in the second quarter of this year.
This is according to latest data from the National Bureau of Statistics (NBS), which implies that 21.7 million Nigerians between the ages of 15 and 64 are unemployed.
NBS, which released its 2020 Q2 Labour force statistics: ‘Unemployment and Underemployment Report’ on Friday morning, also said that underemployment rate increased from 20.1 percent in Q3, 2018 to 28.6 percent.
The report stated that “the number of persons in the economically active or working age population (15 – 64 years of age) during the reference period of the survey, Q2, 2020 was 116,871,186.
“This is 1.2% higher than the figure recorded in Q3, 2018, which has 115,492.969.
“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 80,291,894. This was 11.3% less than the number persons in Q3, 2018. Of this number, those within the age bracket of 25-34 were highest, with 23,328,460 or 29.1% of the labour force”.
The report also indicated that “the total number of people in employment (i.e. people with jobs) during the reference period was 58,527,276, it rose to 31.5% from 22.8%, while the rate among urban dwellers rose to 23.2% from 58,527,276. Of this number, 35,585,274 were full-time employed (i.e. worked 40+ hours per week), while 22,942,003 were under-employed (i.e. working between 20-29 hours per week). This figure is 15.8% less than the people in employment in Q3, 2020.
“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%.
“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.”
