Nigeria unemployment figure hit a higher figure as the World Bank revealed that five million Nigerians joined the labour force in 2018 while only 450,000 of them were employed.
According to its Nigeria Economic Update (NEU) Report released in Abuja on Monday, the bank with population growth (estimated at 2.6 percent) outpacing economic growth, per capita incomes are falling.
National Bureau of Statistics reported that Unemployment and Underemployment Report for Quarter 1 to Quarter 3, 2017 had noted that “The number of people within the labor force who are unemployed or underemployed increased from 13.6 million and 17.7 million respectively in Q2 2017, to 15.9 million and 18.0 million in Q3 2017.
“Total unemployment and underemployment combined increased from 37.2 percent in the previous quarter to 40.0 percent in Q3 2017.”
However, Nigeria’s labor force is growing rapidly, and in 2018 over 5 million Nigerians entered the labor market.
This resulted in 4.9 million more unemployed people in the last year.
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