Economy

4.07 million Nigerians Lost Their Jobs Within 3 Quarters Of 2018

According to a report released by the National Bureau of Statistics, 4.07 million persons became unemployed in Nigeria within the first three quarters of 2018 (between January and September).

In the report, which was delivered to the Atlantic Post on Friday, the NBS stated that the number of persons who became unemployed in Nigeria increased from 11.92 million in the first quarter of 2018 to 13.58 million and 15.99 million in the second and third quarters respectively.

The report said the number of economically active or working age population (15 – 64 years of age) increased from 110.3 million to 111.1 million between the second and third quarters.

Below are excerpts from the report.

“The labour force population increased from 83.9 million in Q2 2017 to 85.1 million in Q3 2017. The total number of people in full-time employment (at least 40 hours a week) declined from 52.7 million in Q2 2017 to 51.1 million in Q3 2017.

“The unemployment rate increased from 14.2 per cent in Q4 2016 to 16.2 per cent in Q2 2017 and 18.8 per cent in Q3 2017.

“The number of people within the labour force who are unemployed or underemployed increased from 13.6 million and 17.7 million respectively in Q2 2017, to 15.9 million and 18 million in Q3 2017.

“Total unemployment and underemployment combined increased from 37.2 per cent in the previous quarter to 40 per cent in Q3 2017.”

“During the third quarter of this year, 21.2 per cent of women within the labour force that were between the ages of 15 years and 64 years and willing, able, and actively seeking work were unemployed, compared with 16.5 per cent of men within the same period.

“In the third quarter of this year, 16.4 per cent of rural and 23.4 per cent of urban dwellers within the labour force were unemployed. It added that the rate of unemployment was increasing at a slightly faster rate for urban dwellers than it was for their rural counterparts.

“Underemployment is predominant in the rural areas; 26.9 per cent of rural residents within the labour force in Q3 2017 are underemployed, compared to nine per cent of urban residents within the same period.

“For the period under review, Q3, 2017, the unemployment rate for young people stood at 33.1 per cent for those aged 15 to 24, and 20.2 per cent for those aged 25 to 34,” it added.

“In terms of geographical spread, Rivers State reported the highest unemployment rate at 41.82 per cent, followed by Akwa-Ibom State (36.58 per cent), Bayelsa State (30.36 per cent), Imo State (29.47 per cent) and Kaduna State (28.96 per cent) at the end of the third quarter.

“The unemployment population was heavily distributed in southern states, northeastern states, northwestern states, including Kaduna and Sokoto, and two north central states – Nasarawa and Plateau.

“States like Oyo, Ogun and Lagos, which have large labour forces reported relatively low unemployment rates.

The report stated that Nigeria ranked 28th when you compare Nigeria’s third quarter’s unemployment rate with the international rates

According to the report, the highest unemployment rates in the world, were recorded in Djibouti (54 per cent), Congo (46.1 per cent), Bosnia and Herzegovina (41.7 per cent), Haiti (40.6 per cent), and Afghanistan (40 per cent), while Qatar at (0.2 per cent), Cambodia at (0.5 per cent), and Belarus, Benin and Thailand, which had unemployment rate of one per cent respectively, had the lowest rates in the World.