Economy
Unemployment Rate Rises To 33.3% In Q4 2020
- A breakdown of the report shows that the total number of people with employment stood at 46.48 million while the underemployment rate was down by 20.6 percent at 15.91 million.
Nigeria’s unemployment rate has increased from 27.1% to 33.3% in the fourth quarter of 2020.
According to the Labour Statistics Report released by the National Bureau of Statistics (NBS), the figure is 6.1% higher when compared to the 27.1% recorded in the second quarter last year.
“The number of persons in the economically active or working-age population (15 – 64 years of age) during the reference period of the survey, Q4, 2020 was 122,049,400. This is 4.3% higher than the figure recorded In Q2, 2020, which was 116.871, 186, ” NBS said.
Labour force statistics
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NBS added that in the case of unemployment by state, Imo State reported the highest rate of unemployment with 56.64%, followed by Adamawa and Cross River States with 54.89% and 53.65% respectively.
Benue recorded the highest number of underemployment at 43.52%, while Lagos State recorded the lowest underemployment rate, at 4.5% in the fourth quarter of 2020, the report said.
The States with the lowest rates were Osun, Benue, and the Zamfara States with 11.65%, 11.98% and 12.99% respectively.
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