Nigeria’s Economy Worsens as Unemployment Rate Increases To 27.1%-  NBS

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    The National Bureau of Statistics (NBS) has put Nigeria’s unemployment rate to 27.1per cent in second quarter (Q2) of 2020, up from the 23.1 per cent recorded in third quarter (Q3) of 2018.

    In its labour force statistics, abridged labour force survey under Covid-19, the statistics bureau stated that underemployment rate also increased from 20.1 per cent in Q3, 2018 to 28.6 per cent in the second quarter of 2020.

    According to the NBS report, “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 per cent higher than the ) State unemployment is a “moment-in-time” index only and can change quite quickly. It is therefore, movement across State borders, as job seekers search for employment or economic opportunities figure recorded in Q3, 2018, which was 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 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.

    “The total number of people in employment (i.e. people with jobs) during the reference period was dwellers, it rose to 31.5 per cent from 22.8 per cent, while the rate among urban dwellers rose to 23.2 per cent 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 per cent less than the people in employment in Q3, 2020

    “The unemployment rate during the reference period, Q2 2020 was 27.1 per cent, up from the 23.1 per cent recorded in Q3, 2018. The underemployment rate increased from 20.1 per cent in Q3, 2018 to 28.6 per cent.

    “For the period under review, Q2, 2020, the unemployment rate among young people (15-34years) 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.”

     

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