Nigeria’s unemployment rate increased to 27.1 per cent in the second quarter of 2020 from the 23.1 per cent recorded in Q3 2018.
The National Bureau of Statistics which confirmed this in its statement titled ‘Labor Force Statistics: Unemployment and Underemployment Report’ which was released on Friday August 14, added that the number of persons in the economically active or working age population (15 – 64 years of age) increased to 116,871,186 from 115,492,969 in Q3 2018.
This means more than 17 million Nigerians have become unemployed since December 2014, while the total working age population has grown by almost the same number in those six years.
The statements reads:
“For the period under review, Q2 2020, the unemployment rate among young people (15-34 years) was 34.9 per cent, up from 29.7 per cent, while the rate of underemployment for the same age group rose to 28.2 per cent from 25.7 per cent in Q3 2018.
“These rates were the highest when compared to other age groupings.
“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 per cent 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 per cent of the labour force.
“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).”
Imo State reportedly has the highest rate of unemployment with 48.7 per cent, followed by Akwa-Ibom State and Rivers State with 45.2 per cent and 43.7 per cent respectively. Anambra recorded the lowest rate of unemployment at 13.1 per cent.