Unemployment hit 33.3% In Q4 2020

March 16, 2021
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BY MARK ITSIBOR, Abuja

Nigeria’s unemployment rate increased in the fourth quarter of 2020 (Q4 2020) to 33.3 per cent, an increase from the 27.1 per cent recorded in Q2, 2020, figures by the National Bureau of Statistics have shown. The underemployment rate however, declined from 28.6 per cent in Q2, 2020 to 22.8 per cent.

The unemployment rate among rural dwellers was 34.5 per cent, up from 28.2 per cent in Q2, 2020, while urban dwellers reported a rate of 31.3 per cent up from 26.4 per cent. In the case of underemployment among rural dwellers, it declined to 26.9% from 31.5 per cent, while the rate among urban dwellers decreased to 16.2 per cent from 23.2 per cent in Q2, 2020.

For the period under review, Q4, 2020, the unemployment rate among young people (15-34years) was 42.5 per cent up from 34.9 per cent, while the rate of underemployment for the same age group declined to 21 per cent from 28.2 per cent in Q2, 2020. These rates were the highest when compared to other age groupings.

The number of persons in the economically active or working age population (15 – 64 years of age) during the reference period of the survey, Q4, 2020 was 122,049,400. This is 4.3 per cent higher than the figure recorded in Q2, 2020, which was 116,871,186.

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The number of persons in the labour force (i.e., people within ages 15 -64, who are able and willing to work) was estimated to be 69,675,468. This was 13.22 per cent less than the number persons in Q2, 2020. Of this number, those within the age bracket of 25-34 were highest, with 20,091,695 or 28.8 per cent of the labour force.

The total number of people in employment (i.e., people with jobs) during the reference period was 46,488,079. Of this number, 30,572,440 were full-time employed (i.e., worked 40+ hours per week), while 15,915,639 were under-employed (i.e., working between 20-29 hours per week). This figure is 20.6 per cent less than the people in employment in Q2, 2020.

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