June 13, 2024

According to the latest statistics published by the World of Statistics, Nigeria occupies the top position in the global unemployment ranking, boasting the highest unemployment rate among all nations. The report reveals that Nigeria’s unemployment rate stands at 33.3%, positioning it at the forefront. Following closely are South Africa at 32.9% and Iran at 15.55%.

Conversely, the countries with the lowest unemployment rates include Qatar with a mere 0.1%, Cambodia at 0.36%, and Niger at 0.5%, as indicated by the report.

The National Bureau of Statistics reported a surge in Nigeria’s unemployment rate to 33.30% in the final quarter of 2020, escalating from 27.10% in the second quarter of the same year.

In a recent assessment by KPMG, Nigeria’s unemployment rate escalated to 37.7% in 2022 and is projected to further rise to 40.6% due to the continual influx of job seekers into the labor market. The report stipulates that unemployment will persist as a challenge, influenced by the sluggish economic growth rate and the incapacity of the economy to assimilate the yearly influx of 4-5 million new entrants to the job market.

Responding to this report, the Centre for Social Justice (CSJ), a proponent of fiscal transparency, accountability, and evidence-based policy formulation and execution, urged the National Bureau of Statistics to assemble and disseminate the most current unemployment data for Nigeria. CSJ underscored that the last official release of Nigeria’s unemployment data by the NBS was in the fourth quarter of 2020, and since then, updated information has been absent, a shortcoming they view as a neglect of duty.

Earlier, the National Bureau of Statistics had announced its intention to release fresh unemployment and employment statistics for Nigeria by May 2023.

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