Nigeria’s Unemployment Rate at Highest in Over 13 Years | GOVERNMEND
The National Bureau of Statistics has reported that the number of unemployed people has increased from 21,77 million in the second quarter of 2020 to 23,18 million people in the fourth quarter of 2020, the highest in at least 13 years and the second-highest rate in the world. According to the report, a third of the 69,7 million-strong labour force in Nigeria either did nothing or worked for less than 20 hours a week, leaving them unemployed. Nigeria’s joblessness rate has more than quadrupled over the last five years as the economy went through two recessions under President Muhammadu Buhari’s administration. However, the NBS stated that the underemployment rate decreased from 28,6% to 22,8% in the period under review.
In January 2021, Nigeria’s inflation rose to its highest level since July 2008, making it the highest in over 11 years. Analysts blame the rise on the Covid-19 pandemic, dollar shortages, and lingering restrictions on imports of certain food items despite the re-opening of borders. In January 2021, Nigeria launched a much-delayed programme that promises to provide jobs for more than 750,000 young people amid worsening youth unemployment. Experts say the number of people looking for jobs will keep rising as population growth continues to outpace output expansion in Nigeria.
Source: All Africa
