Nigeria’s unemployment rate shoots up to 13.9 per cent
Posted by News Express | 17 December 2016 | 1,810 times
The National Bureau of Statistics (NBS) has come up with the third quarter unemployment ration disclosing that the country’s unemployment rate has risen from 13.3 per cent in the second quarter to 13.9 per cent in the third quarter of 2016.
This is contained in the Unemployment/Under-employment Report for 3rd Quarter of 2016, released by the NBS on Friday in Abuja.
The report stated that the number of unemployed in the labour force increased by 555,311 persons while the underemployment rate rose from 19.3 per cent in second quarter to 19.7 per cent in the third quarter.
According to the report, unemployment covered persons (aged 15–64) who, during the reference period, were currently available for work, actively seeking for work but were without work.
In the case of underemployment, it occurs when a person works less than full time hours, which is 40 hours, but work at least 20 hours on average a week.
The report explained that underemployment could also happen if a person works full time but are engaged in an activity that under-utilises his skills, time and educational qualifications.
It however, disclosed that the economically active population or working age population (persons within ages 15 and 64) increased from 106.69 million in second quarter to 108.03 million in the third quarter.
“This represents a 1.26 per cent increase over the previous quarter and a 3.57 per cent increase when compared to the third quarter 2015,” the report stated.
In 3rd quarter, the labour force population (i.e. those within the working age population willing, able and actively looking for work) increased to 80.67 million from 79.9 million in second quarter, this it said, represents an increase of 0.98 per cent in the labour force during the quarter.
“This means about 782,886 persons from the economically active population entered the labour force, that is individuals that were able, willing and actively looking for work.
According to the report, there is eight consecutive rise in the unemployment rate since 4th quarter of 2014. (The AUTHORITY)