Nigeria’s Unemployment Rate Hits 33.3% In Q4 2020
The Covid-19 pandemic that ravaged the global economy has caused an increase in the number of those without jobs, pushing up pandemic Nigeria’s unemployment rate to 33.3 percent in Q4 2020 from the 27.1 per recorded in Q2, 2020.
However, the underemployment rate declined from 28.6 percent in Q2, 2020 to 22.8 percent in Q4 2020.
According to figures released on Monday by the National Bureau of Statistics (NBS), said, “The 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. This is 4.3 percent higher than the figure recorded in Q2, 2020, which was 116,871,186.
The NBS stated that the number of persons in the labour force (i.e., people between ages 15 and 64, who are able and willing to work) was estimated to be 69,675,468.
According to the NBS, this was 13.22 percent less than the number of persons in Q2, 2020. Of this number, those within the age bracket of 25-34 were highest, with 20,091,695 or 28.8 per cent of the labour force.
“The unemployment rate during the reference period, Q4, 2020 was 33.3 percent, an increase from the 27.1 per recorded in Q2, 2020. The underemployment rate declined from 28.6 percent in Q2, 2020 to 22.8 percent.
” The unemployment rate among rural dwellers was 34.5 percent, up from 28.2 percent in Q2, 2020, while urban dwellers reported a rate of 31.3 percent up from 26.4 percent. In the case of underemployment among rural dwellers, it declined to 26.9 percent from 31.5 percent, while the rate among urban dwellers decreased to 16.2 percent from 23.2 percent in Q2, 2020.
The report said the total number of people in employment (i.e., people with jobs) during the reference period was 46,488,079. Of this number, 30,572,440 were full-time employed (i.e., worked 40+ hours per week), while 15,915,639 were under-employed (i.e., working between 20-29 hours per week). This figure is 20.6 percent less than the people in employment in Q2, 2020.
“The unemployment rate during the reference period, Q4, 2020 was 33.3 percent an increase from the 27.1 percent recorded in Q2, 2020. The underemployment rate declined from 28.6 percent in Q2, 2020 to 22.8 percent.
” The unemployment rate among rural dwellers was 34.5%, up from 28.2 percent in Q2, 2020, while urban dwellers reported a rate of 31.3 percent up from 26.4 percent. In the case of underemployment among rural dwellers, it declined to 26.9 percent from 31.5 percent, while the rate among urban dwellers decreased to 16.2 percent from 23.2 percent in Q2, 2020.
“For the period under review, Q4, 2020, the unemployment rate among young people (15-34years) was 42.5 percent up from 34.9 percent, while the rate of underemployment for the same age group declined to 21.0 percent from 28.2 percent in Q2, 2020. These rates were the highest when compared to another age grouping.
In line with its statutory mandate to provide government and policymakers with reliable and timely information, the National Bureau of Statistics routinely computes and disseminates the labour force statistics.
These statistics presented in this report are generated from a nationwide socio-economic survey, which sampled thirty-three thousand three hundred households across the country, both in urban and rural areas.
Under this exercise, indicators such as the economically active population, labour force, unemployment and underemployment rates were computed to inform the work of policymakers and government.
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