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According to a recent study published by the Nigeria Bureau of Statistics, the country’s unemployment rate rose from 27.1 percent in the second quarter of 2020 to 33.5 percent in the fourth quarter of the same year.
Underemployment was projected to be 22.8 percent in Q4 2020 (28.6 percent in Q2 2020), with the sum of unemployment and underemployment estimated to be 40 percent in Q4 2020. (35.2 percent in Q2 2020).
“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.”
The number of persons in the labour force, that is people within ages 15 -64 who are able and willing to work was placed at 69.675,468.
The report added;
“This was 13.22% less than the number persons in Q2, 2020. This number, those within the age bracket of 25-34 were highest. with 20,091_695°r 28.8% of the labour force.
“The total number of people in employment (people with jobs during the reference period was 46.488.079. Of this number. 30.572.4.40 were full-time employed (i.e.. worked 404 hours per week), while 15,915,639 were under-employed (Le., working between 20-29 hours per week) this figure is 20.6% less than the people in employment in Q2.2020.”
The unemployment rate among rural dwellers was 343%, up from 28.2% in Q2, 2020, while urban dwellers reported a rate of 31.3% up from 26,4%.
Underemployment among rural dwellers declined to 26.9% from 313%, while the rate among urban dwellers decreased to 16.2% from 23.2% in 2020.
The NBS report read;
“The unemployment rate among people aged 15- 34years was 42.5% up from 34.9%, while the rate of underemployment for the same age group declined to 21.0% from 28.2% in Q2, 2020. These rates were the highest when compared to other age groupings.”