Nigeria's Unemployment Rate Hits 13.9% in 3Q - NBS

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.