Nigeria Unemployment Rate Rises to 33%, Second Highest on Global List

Unemployment in Africa’s largest economy surged to the second highest on a global list of countries monitored by Bloomberg. The jobless rate in Nigeria rose to 33.3% in the three months through December, according to a report published by National Bureau of Statistics on its website Monday. That’s up from 27.1% in the second quarter of 2020, the last period for which the agency released labor-force statistics. A third of the 69.7 million-strong labor force in Africa’s most-populous nation either did nothing or worked for less than 20 hours a week, making them unemployed, according to the Nigerian definition. Another 15.9 million worked less than 40 hours a week, making them underemployed. The oil producer surpassed South Africa on a list of 82 countries whose unemployment rates are tracked by Bloomberg. Namibia still leads the list with 33.4%. Nigeria’s jobless rate has more than quadrupled over the last five years as the economy went through two recessions, casting a shadow over the efforts to implement policies to drive growth and create jobs by President Muhammadu Buhari’s administration. Read more.
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