Unemployment rate in Nigeria rises to 14.2% in 2016-Report

Unemployment rate in Nigeria rises to 14.2% in 2016-Report

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The National Bureau of Statistics (NBS) said the unemployment rate in the country rose from 13.9 per cent in the 3rd quarter to 14.2 per cent in the 4th quarter of 2016.

The NBS made this known in the “Unemployment/Under-employment Report for 4th Quarter of 2016’’ made available on the bureau’s website on Tuesday in Abuja.

The report said that the period under review showed that population, unemployed was 27.12 million in 3rd quarter, compared to 28.58 million persons in the 4th quarter.

It said that this showed an increase in the number of unemployed labour force by 351,015 persons.

According to the bureau, the percentage increase in both the 2nd and 1stquarter of 2016 were slightly lower at 13.4 per cent and 12.1 per cent, respectively.

It showed that 26.06 million persons were unemployed in 2nd quarter and while 24.5 million were unemployed in the 1st quarter in the year under review.

The report however showed that the underemployed in the labour force in 2016 in the 3rd quarter was 15.9 million persons or 19.7 per cent, while the 4thquarter was 17.03 million or 21.0 per cent.

The report said that it therefore showed an increase of 1.3 percentage points between the 3rd and the 4th quarters of 2016, a steady rise in the rate since 3rd quarter of the year.

The bureau said that keeping with the recent trend in the labour market, unemployment and underemployment continued to be highest for persons aged between ages of 15 to 34.

According to the bureau, the age bracket represents the youth population in the country.

Nation

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