Nigeria's Unemployment Rate Rises to 27.1% - NBS

Working. labour, workers

Nigeria's unemployment rate rose to 27.1 per cent in the second quarter of 2020, the National Bureau of Statistics said on Friday.

The report comes several quarters after the statistics bureau released its last report in 2018.

The new rate is an increase from the 23.1% unemployment rate recorded in the third quarter of 2018.

In the 2018 report, Nigeria's unemployment rate increased from 18.8 per cent in the third quarter of 2017 to 23.1 per cent in in the third quarter of 2018.

The statistics bureau said the economically active or working age population (15 - 64 years of age) increased from 111.1 million in Q3 2017 to 115.5million in Q3 2018.

The Nigerian economy has been hit by the impact of the coronavirus, amid depleting oil revenues.

Experts have said that the economic downturn would affect employment generation as companies cut cost and lay off workers to stay afloat.

Details later...

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