Unemployment figures hits 18.8%

 

The National Bureau of Statistics (NBS), in a new report says the country’s unemployment rate worsened hitting 18.8 per cent in the third quarter from 16.2 percent in the second quarter of 2017.

In the Labour Force Statistics: unemployment and underemployment Report (Q1-Q3) released Friday showed that number of people within the labour force who were unemployed increased from 13.6 million in the second quarter of the year to 15.9 million in the third quarter of same year.

According to the report, an additional two million people became unemployed in the period under review.

This the statistics bureau revealed arose due to the economic recession that saw the nation’s growth decelerate until September 2017 when Nigeria finally exited recession

In the same vein, the number of underemployed people increased from 17.7 million in Q2 to 18.0 million in Q3 2017.

The NBS was hopeful that “A return to economic growth provides an impetus to employment. However, employment growth may lag, and unemployment rates worsen especially at the end of a recession and for many months after.”

The report said economically active or working age population (15 – 64 years of age) increased from 110.3 million in Q2 to 111.1 million in Q3 2017, while the labor force population increased from 83.9 million in second quarter to 85.1 million in Q3 2017.

The total number of people in full-time employment (at least 40 hours a week) declined from 52.7 million in Q2 2017 to 51.1 million in Q3 2017, it said, adding that total unemployment and underemployment combined increased from 37.2 percent in the previous quarter to 40.0 percent in Q3 2017.

During the quarter Q3 2017, 21.2 percent of women within the labour force (aged 15-64 and willing, able, and actively seeking work) were unemployed, compared to 16.5 percent of men within the same period.

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