BREAKING! Nigeria’s Unemployment Rises To 23.1% In Q3 – NBS
It’s finally here, the unemployment figures that everyone was waiting for.
So, it has now become clear that Nigeria’s rate of joblessness has increased considerably since last year.
According to the National Bureau of Statistics, NBS unemployment rate stood at 23.1% of the work force in the third quarter, that is between July and September 2018.
This is a rise from 18.1% in 2017, said the Statistician General of the Federation and NBS boss, Yemi kale on his official Twitter feed on Wednesday.
“As of Q3 2018, the calculated unemployment rate was 23.1%, the underemployment rate was 20.1%, and the combined unemployment and underemployment rate was 43.3%,” the NBS said in its report also published on Wednesday.
“While the Q3, 2018 results show a rise in the rate of unemployment, it also depicts a slowing down in the rate of increase in unemployment, which is usually the first sign of improvement in reducing unemployment,” it said.
The NBS last released employment data a year ago when it said unemployment stood at 18.8% in Q3 2017, but Kale said on Twitter on Wednesday that it had stood at 18.1% then.
Key Highlights of The Unemployment Data:
*The total number of people classified as unemployed, which means they did nothing at all or worked too few hours (under 20 hours a week) to be classified as employed increased from 17.6 million in Q4 2017 to 20.9 million in Q3 2018.
*Of the 20.9 million persons classified as unemployed as at Q3 2018 11.1 million did some form of work but for too few hours a week (under 20 hours) to be officially classified as employed while 9.7 million did absolutely nothing.
*Of the 9.7 million unemployed that did absolutely nothing as at Q3 2018, 90.1% of them or 8.77 million were reported to be unemployed and doing nothing because they were first time job seekers and have never worked before.
*On the other hand, 9.9 million 0r 0.9% of the 9.7 million that were unemployed and doing nothing at all reported they were unemployed and did nothing at all because they were previously employed but lost their jobs at some point in the past which is why they were unemployed.
*Of the 9.7 million that were unemployed and did nothing at all, 35.0% or 3.4 million have been unemployed and did nothing at all for less than a year, 17.2% or 1.6 million for a year, 15.7% or 1.5 million had been unemployed and did nothing for 2 years, and the remaining 32.1% or 3.1 million unemployed persons had been unemployed doing nothing for 3 and above years.
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