Nigeria’s Unemployment Rate Increases to 33.3%

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An unemployed man talks on the phone with a state unemployment worker at the state unemployment and career office in San Francisco, Friday, Dec. 7, 2007. Employers hired at a moderate pace in November and the unemployment rate held steady at a relatively low 4.7 percent, reassuring signs for an economy that is fighting to avoid a recession. (AP Photo/Paul Sakuma)

Nigeria’s unemployment figure has climbed to a staggering 33.3% according to data released by the National Bureau of Statistics (NBS).

The data revealed that Nigeria’s unemployment rate as of the end of 2020 rose to 33.3% from 27.1% recorded as of Q2 2020, indicating that about 21,764,614 (21.7 million) Nigerians remain unemployed.

Underemployment rate however dropped from 28.6% recorded as at the second quarter 2020 to 22.8% in Q4 2020.

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The report shows that the estimated 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.

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