The National Bureau of Statistics (NBS), in the 2019 Poverty and Inequality in Nigeria Report, stated that two out of every five Nigerians are living below the poverty line. This means that two Nigerians out of an estimated five will have to survive on less than a dollar (about 410 naira) per day. Between Q4 2020 and Q1 2021, the Nigerian unemployment rate hit an all-time high of about 33.3% from the previous record of 27.1% in early 2020.
Putting all these in proper perspective, it is estimated that the number of unemployed Nigerians is currently standing at 23,187,389. According to the labour force report published by the NBS in March 2021, a combination of both the unemployment and the underemployment rates for the reference period amount to a staggering 56.1%.
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