Nigeria’s unemployment rate has now gotten to 27 per cent in the second quarter of 2020, a move from 23.1 per cent reported in the third quarter of 2018. The National Bureau of Statistics (NBS) disclosed this in its ‘Labor Force Statistics: Unemployment and Underemployment Report’ released on Friday.
“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,” the NBS report said. “These rates were the highest when compared to other age groupings.”
According to the NBS, the number of persons in the economically active age (15 – 64 years), jumped from 115,492,969 in Q3 2018 to 116,871,186 in Q2 2020. “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,” it said. This was 11.3 per cent less than the number of 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,” it added.
A further peep into the latest NBS unemployment data indicated that the number of employed people in Q2 2020 slumped by 15.8 per cent to 58,527,276 when placed side by side with that of Q3 2018. “Of this number, 35,585,274 were full-time employed (i.e. worked 40+ hours per week), while 22,942,003 were underemployed (i.e. working between 20-29 hours per week),” the report revealed.
