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Home Opinions Blurb

24.5 million Nigerians Out Of Jobs As Un(der)employment Rate Hit 31.2%

Nairametrics by Nairametrics
May 21, 2016
in Blurb
24.5 million Nigerians Out Of Jobs As Un(der)employment Rate Hit 31.2%
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The National Bureau of Statistics have released its 2016 first quarter jobs report indicating that Nigeria’s Unemployment rate for the first quarter of 2016 is 12.1% from 10.4% in Q4 2015, 9.9% in Q3 2015 and 8.2% in Q2 2015.

The Bureau also reveal that Underemployment Rate was 19.1% for the first quarter of 2016.

Using NBS previous methodology, unemployment rate would have been 31.2% in Q1 2016, from 29.2% in Q4 2015, 27.3% in Q3 2015, 26.5% in Q2 2015, 24.2% Q1 2015, 23.9% in 2011 and 21,4% in 2010.)

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Key highlights

  • The unemployment rate within the review period was typically highest for those within the ages of 15–24 at 21.5% in Q1 2016 (56.1% using old methodology), up from 19.0% in Q4 2015 and 17.8% in Q3 2015, while the underemployment rate for those within the ages 15–24 increased slightly to 34.6% in Q1 2016 from 34.5% in Q4 2015.
  • For those in the labour force within the ages of 25–34 however, unemployment rose to 12.9% in Q1 2016 (32.8% using old methodology), from 11.4% in Q4 2015, while underemployment remained at 19.9% in Q1 2016 similar to Q4 2015.
  • Unemployment and underemployment continued to be higher for women than men in Q1 2016. While 14% (36.2% using old methodology) of women in the labour force (those between 15–65 willing, able and actively working or searching for work) were unemployed in Q1 2016, another 22.2% of women in the labour force were underemployed in Q1 2016. On the other hand, 10.3% (26.5% using old methodology) of males were unemployed in Q3 2015, while another 16.2% of males in the labour force were underemployed.
  • About 528, 148 people lost jobs between Q4 2015 and Q1 2016

See report below;

Download (PDF, 963KB)

Tags: unemployment
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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