Nigeria’s economy continues to have a grim outlook as the unemployment jumped from 27.1 per cent in the second quarter of 2020 to 33.3 per cent in the fourth quarter of 2020, according to the latest figures from the National Bureau of Statistics (NBS).
In its report on ‘Labour force Statistics: Unemployment and underemployment report- Abridged labour force survey under COVID-19 (Q4, 2020)’ the NBS stated that this translates to 23.19 million unemployed people in the country.
The report read in part, “During the reference period, the computed national unemployment rate rose from 27.1 per cent in Q2, 2020 to 33.3 per cent in Q4, 2020, while the underemployment rate decreased from 28.6 per cent to 22.8 per cent.
“A combination of both the unemployment and underemployment rate for the reference period gave a figure of 56.1 per cent.
“This means that 33.3 per cent of the labour force in Nigeria or 23,187,389 persons either did nothing or worked for less than 20 hours a week, making them unemployed by our definition in Nigeria.
“This is an additional 1,422,772 persons from the number in that category in Q2, 2020.
“Using the international definition of unemployment, the rate was computed to be 17.5 per cent.”
The latest unemployment figures and rising prices compounds the misery index for Nigerians – many of whom are living below the poverty line.
A 2020 UN report claims that over 100m Nigerians were living in multi-dimensional poverty, making the West African country the poverty capital of the world.