NIGERIA’S unemployment rate grew to 27.1 per cent in the second quarter 2020, going by statistics from National Bureau of Statistics (NBS).
The NBS new report on Labour Force Statistic obtained by SlyNews showed that: “Unemployment rate during the reference period, Q2, 2020 was 27.1%, up from the 23.1% recorded in Q3, 2018,”
It also noted that the underemployment rate increased from 20.1% in Q3, 2018 to 28.6% in the period under review.
It added: “For the period under review, Q2, 2020, the unemployment rate among young people (15-34years) was 34.9%, up from 29.7%.
“The rate of underemployment for the same age group rose to 28.2% from 25.7% in Q3, 2018.
“These rates were the highest when compared to other age groupings.
“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% higher than the 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% 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% of the labour force.
“The total number of people in employment (i.e. people with jobs) during the reference period was 58,527,276.
“Of this number, 35,585,274 were full-time employed (i.e. worked 40+ hours per week).
“About 22,942,003 were under-employed (i.e. working between 20-29 hours per week). This figure is 15.8% less than the people in employment in Q3, 2020” it stated.
