(Ecofin Agency) - The unemployment rate in Nigeria jumped to 33.3% in the fourth quarter of 2020. The figure was provided by the National Bureau of Statistics (NBS) in a new report on unemployment and under-employment issued last March 15.
The report found that over an active population of 69.7 million people, a total of 23,187,389 are unemployed, representing 33.3%. In Q2 2020, the rate was 27.1%. As for the under-employment rate, it was 22.8% over the fourth quarter, less than 28.6% in Q2.
Both the unemployment and the under-employment rates are estimated per their definition according to the Nigerian standard. In the country, jobless people are those who have no job at all or who work less than 20 hours a week. The Under-employed, on the other hand, are those who work between 20 hours and 29 hours a week.
The NBS report indicates that people aged 15 to 24, women, and people living in rural areas are more affected by unemployment. The unemployment rate among people aged 15 to 24 is estimated at 53.4%, while that of people aged 25 to 34 is 37.2%.
The rate of unemployed working-age women is 35.2% against 31.8% for men. It is estimated that 34.5% of the rural population is unemployed, against 31.3% for urban people.
Let’s note that this increase in the unemployment rate comes in a context where the Nigerian economy is quite weakened with the decline in oil prices, but also the closure of borders and the fallouts of the covid-19 pandemic.
According to the IMF, the Nigerian economy is expected to grow slightly by 1.5% in 2021, after a recession of 1.9%.