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NIGERIA'S UNEMPLOYMENT RATE
Vice-President Kashim Shettima has announced fresh incentives to boost agricultural investment, with a target to lift 35 million Nigerians out of poverty and create 21 million full-time jobs in rural and agrarian communities.
The highly anticipated labour force report by the National Bureau of Statistics (NBS) was released on Thursday, 24th August 2023, over two years from the last release.
Nigeria’s unemployment rate has seen a dramatic drop from 33.1% reported in March 2021 to 4.1% for the first quarter of 2023 and 5.3% in the 4th quarter of 2022.
Unemployment rate is estimated to top 40.6% in 2023 in Nigeria from 37.7% in the previous year and is expected to rise to 40.6% in 2023
Nigeria's rising unemployment rate needs to be tackled, as worse days are ahead if not properly contained.
According to the Misery Index, Nigeria is among the top ten saddest countries in the world, no thanks to its high level of unemployment (Q3-2018: 23.1%) and stubbornly high inflation (April 2019: 11.37%).