Nigeria’s unemployment rate had been on a consistent rise and in recent times, it rose for the seventh straight month to the highest it had been in recent years. The Nigerian employment rate was at 13.9 percent in the third quarter of 2016. The data for the 4th quarter of the year is yet to be released for public perusal. Before arriving at this rate, the unemployment rate was at 13.3 percent in the previous period.
The recent economic downturn is said to be responsible for this consistent rise in the Nigerian unemployment rate. Many companies in Nigeria sacked their workers and they left these workers adrift without any employment. Many of these companies claimed that doing business in Nigeria was becoming unprofitable and they had to leave for other countries.
Nigeria’s unemployment rate was at its highest level in the third quarter of 2016 and this was the highest ever recorded since 2009. The number of unemployed individual in Nigeria rose by 5.2 percent to a figure as high as 11.2 million. Employment rate, on the other hand, rose at a much slower 0.6 percent to 69.5 million
Also, the labour force in Nigerian got increased by just 1 percent to a total of 80.7 million. Meanwhile, reports also showed that the rate of youth unemployment in Nigeria was increased to 25 percent from 24 percent, which was the figure that prevailed in the previous quarter. A year earlier, the unemployment rate in Nigeria was recorded at 9.9 percent.
Unemployment Rate in Nigeria was pegged at 9.52 percent in accordance with data collated over ten years, which are from year 2006 to year 2016. At the end of the day, the rate reached an all time high of 19.70 percent in the fourth quarter of 2009 and also a record low of 5.10 percent in the fourth quarter of 2010.
In Nigeria, the unemployment rate is the criteria for measuring the total number of people that are actively in search of one form of job or the other. It is also recorded as a percentage of the labour force obtainable all across the Nigerian nation.
The Nigerian Bureau of Statistics is responsible for gathering data related to the rate of unemployment across the length and breadth of Nigeria. This is a government body. They are also involved in gathering data about other issues in Nigeria. This is the last data resort and any data presented by the Nigeria Bureau of Statistics can be considered as being reliable.
This government body provides the latest reported value for Nigeria Unemployment Rate plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. This data combination ensures that Nigerians are properly informed about data collation and several happenings in the country.
Nigeria Unemployment Rate actual data, historical chart and calendar of releases was last updated on December of 2016 and it is available for direct viewing and downloading on their website. You will equally come by loads of helpful and informative data on the website.