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Nigeria’s unemployment rate rises to 33.3% as at Q4 2020

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Nigeria
Unemployed youth

Nigeria’s unemployment rate, according to the National Bureau of Statistics (NBS’) latest report, as of the end of 2020 rose to 33.3% from 27.1% recorded as of Q2 2020.

Techeconomy.ng can categorically state that the NBS’ labour force report is indicating that about 23,187,389 (23.2 million) Nigerians remain unemployed.

The report also showed that under-employment rate dropped from 28.6% recorded as at the second quarter 2020 to 22.8% in Q4 2020.

And of course, 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.

According to the report, this is 4.3% higher than the figure recorded in Q2, 2020, which was 116,871,186. Of this number, females represent 50.49%, while males account for 49.5%.

The NBS’s further disaggregation by age group also showsed that the 30.2% of the total active population is within the ages of 15-24, the highest among the age groupings.  The age-group with the smallest active population is 55-64, with 10,221,108 or 8.37% of the total active population.

As regards 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 69,675,468, it also stood at 13.22% less than the number persons in Q2, 2020.

The National Bureau explained the number of those within the age bracket of 25-34 were highest, with 20,091,695 or 28.34% of the labour force.

Accoding to the body, this is the estimated number of persons within the economically active population or working population, that are available and willing to work. This implies that as of Q4 2020, only 57.09% of Nigeria’s economically active population are in the labour force.

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The report further read: “Unlike in the economically active population, the age group that accounts for the highest number under the labour force is the 25-34 age group.

This is expected as most persons within the age group of 15-24 are involved in one form of schooling or the other, hence are not willing and/or available for work.

While females are more dominant under the active population, albeit marginal, the reverse holds for the labour force, where males are more dominant with 56.72%, with females accounting for 43.28%.”

 

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  1. Pingback: Just In: Nigeria’s unemployment rate rises to 33.3% as at Q4 2020 - 9jaheadies

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