The increasing unemployment and declining underemployment rates imply that the fragile economic recovery is beginning to create employment. But the current rate measures that, the number of people actively looking for a job as a percentage of the labour force.
However, hours worked within these jobs are not yet enough for full time employment (40+ hours within the week). While this is on-going, the inflow of entrants into the labour market continues to grow steadily, minimizing the effect of any jobs created within the economy on the overall unemployment rate.
Last year, Nigeria’s official unemployment figures jumped by 30 percent this year to 16 million with another two million expected by the end of the year. But less than forty percent of Nigeria’s nearly 200 million people are fully employed. Also, in the same year, Nigeria edged-out of its worst recession in nearly three decades in September last year and made bouts of economic growth.
Similarly, a report as at January 2019 by the Brookings Institution indicated that, the Nigeria state had overtaken India as the nation with the highest number of extremely poor people. The report showed that about 87 million Nigerians are in extreme poverty, with six Nigerians falling into extreme poverty every minute.
Furthermore, data from National Bureau of Statistics, NBS, showed that the number of unemployed Nigerians rose by 3.3 million or 19 per cent to 20.9 million in third quarter of 2018 (Q3’18) from 17.6 million in third quarter of 2017 (Q3’17).
Presenty, Unemployment Rate in Nigeria increased to 23.10 percent in the third quarter of 2018 from 22.70 percent in the second quarter of 2018. Unemployment Rate in Nigeria averaged 12.31 percent from 2006 until 2018, reaching an all time high of 23.10 percent in the third quarter of 2018 and a record low of 5.10 percent in the fourth quarter of 2010; NBS and Trading Economics noted(Figure 1.).
This infra data, provides the latest reported value for – Nigeria Unemployment Rate – plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Nigeria Unemployment Rate – actual data, historical chart and calendar of releases – was last updated on July of 2019.
Why Unemployment rate is still increasing
Inadequate funding remains the major reason why most industries in the country could not survive or expand, to create more jobs in the system, Nigeria has what it takes to stand and compete favourably with China and Dubai, but for lack of support to its entrepreneurs.
From all six geopolitical zones of the Nigeria, citizens have been lamenting that the Federal Government lack of commitment to empower entrepreneurs in the country to fast track economic growth.