LEGIT
A recent information made available by the World of Statistics has shown that Nigeria has the highest rate of unemployment in the world.
According to the data, Nigeria has the highest percentage (33.3%), followed by South Africa (32.9%), also an African nation, and Iran (15.55%).
On the other hand, the lowest rate of unemployment were in countries like Qatar: 0.1%, Cambodia: 0.36%, and Niger 0.5%.
Meanwhile, Legit.ng in had earlier reported that the country ranks 4th among world’s top 10 countries with highest youth unemployment.
Numbers of unemployed keeps increasing
The National Bureau of Statistics reports that Nigeria’s unemployment rate rose from 27.10% in the second quarter of 2020 to 33.30% in the fourth quarter.
In contrast, a more recent report from the international consulting firm KPMG claimed that the continued influx of job seekers into the labour market has caused Nigeria’s unemployment rate to grow to 37.7% in 2022 and would further rise to 40.6 percent.
The slower-than-expected economic development and the economy’s incapacity to absorb the 4-5 million new entrants into the Nigerian labour market each year, according to the multinational consulting business, will make it difficult to reduce unemployment.
The National Bureau of Statistics was recently encouraged by the Centre for Social Justice to gather and make public the country’s most recent unemployment statistics.
According to CSJ, a supporter of fiscal transparency, accountability, and evidence-based policy development and implementation, the NBS last issued data on unemployment in Nigeria in the fourth quarter of 2020. It further stated that since that time, new information had been missing, which it viewed as duty-related negligence.
Prior to this, the National Bureau of Statistics had stated that it would present updated employment and unemployment rates for the nation by May 2023. The study, however, hadn’t yet been made public by the national statistics agency.
Farmers in Nigeria to be Removed From New Employment Data as World Bank Report on Unemployment Rate
According to a World Bank/National Bureau of Statistics report, Nigerians who practice subsistence farming would be removed from the employment data, Legit.ng had reported.
The report allegedly used recent International Labour Organisation (ILO) guidelines for calculating labour force numbers which will reveal a sharp decline in Nigeria’s unemployment rate.
