Unemployment in Nigeria rises to 31 million

The number of Nigerians without jobs as at last September was 31 million, a report by the National Bureau of Statistics (NBS) reveals.The report noted that the economy has not been sufficient to meet the ever-growing labour market.

According to the report, unemployment and underemployment stood at 13.9 per cent and 33.6 percent respectively in the second and third quarter of last year. Between January and end September, 2016, 3.7 million people reportedly entered the labour market with net jobs of only 422,135 created within that period, giving a shortfall of 3.2 million for quarter one to quarter three in 2016.

“With the Nigerian labour force population rising by a five-year average of over 2.6 million annually, the economy needs to generate the same level of jobs annually just to hold the unemployment rate at the current level of 13.9 per cent,” the NBS survey stated.

Nigeria has witnessed the shutting down of many businesses over its harsh economic environment.Citing a reports that recent population projection for the country and jointly issued by National Population Commission (NPC) and NBS put the number of Nigerians within working ages of 15 and 64 at 106,257,431 in 2016.

“In the second quarter of 2016, the total number of new (net) employment recorded in the economy was 155,444, this was a 95.6 per cent increase when compared with the preceding quarter and a 10.0 per cent increase when compared to the second quarter of 2015.

“As it has been the case in previous quarters, the informal sector accounted for the largest share of new jobs, recording 67.9 per cent (105,543).“This was followed by the formal sector, which accounted for 35.5 per cent (55,124) of new jobs in quarter 2 of 2016,” the duo said adding that the public sector, for the third consecutive quarter, recorded a negative growth in employment, with a figure of -5,223.

“In the third quarter of 2016, the total number of jobs generated rose to 187,226 from the 155,444 generated in quarter two, representing an increase of 20.4 per cent quarter on quarter, but a decline of 60.6 per cent year on year.“The formal sector recorded 49,587 jobs, representing 26.5 per cent share of new jobs in the third quarter,” the survey further disclosed.