Nigeria’s Unemployment rate increased to 9.9% for the third quarter of 2015 according the National Bureau of Statistics (NBS). The NBS in its latest jobs data reports that a total of 20.7 million persons between the ages of 15‐64 that were willing and able to work and actively seeking work (i.e in the labour force) that were either unemployed or underemployed compared to 19.6 million in Q2 2015, compared to 17.7 million in Q1 2015.
The Bureau revealed that a total of 1,454,620 (529,923 in Q2) persons between Q2 2015 and Q3 2015 resulting in an increase in the unemployment rate to 9.9% in Q3 2015 from 8.2% in Q2 2015 from 7.5% in Q1 2015. This represents a fourth consecutive rise in the unemployment rate since Q3 2014. According to NBS Q3 job creation report, about 427,000 new net jobs were created in Q3 2015. The report also noted that the unemployment rate for the third quarter of the year was typically highest for those within the ages of 15‐24 (17.8% in Q3 2015, up from 14.9% in Q2 2015 and 13.7% in Q1 2015),
Underemployment which the Bureau defines as people work less than full time which is 40 hours but work at least 20 hours on average a week and /or if they work full time but are engaged in an activity that underutilizes their skills, time and educational qualifications. The report puts Underemployment rate at to 17.4% in Q3 2015(13.2mn) from 18.3% (13.5mn) in Q2 2015, from 16.6% (12.2mn) in Q1 2015. This drop it claimed was partly due to previous idle or not fully engaged rural farmers who have become fully employed on their farms due to the beginning of the planting season.
Underemployment rate for those within the ages 15‐24 declined slightly to 31.8% in Q3 from 33.8% in Q2 and 30.6% in Q1 2015. For those in the labour force within the ages of 25‐34 however, unemployment rose to 10.8% in Q3 2015 from 8.9% in Q2 2015 and 8.2% in Q1 2015, while underemployment stood at 18.5% in Q3 from 19.5% in Q2 and 17.7% in Q1 2015.
Download Nigeria’ s 2015 Q3 Unemployment rate report here