UNemployment rate in the country has risen by 189. 1 per cent from 5.5 million in the first quarter of 2015 to 15.9 million in the third quarter of 2017.
According to the National Bureau of Statistics (NBS), the figure is likely to increase in the fourth quarter of 2017.
The release stated that in the first quarter of 2015, the unemployment figure was 5.5 million whereas in the second quarter, it hit 6 million. In the third and fourth quarters of 2015, the figures were 7.5 million and 8 million respectively.
In the first quarter of 2016, the rise continued to 9.4 million and in the second quarter of the same year, it went up again to 10.6 million. Also in the third and fourth quarters of the same year, the figure maintained its rise to 11.6 million and 11.5 million respectively.
Last year opened with unemployment figure of 11.9 million in the first quarter and in the second quarter, the figure hit 13.5 million. In the third quarter of the same year, the figure skyrocketed to 15.9 million.
Recall that the NBS has warned that the number of unemployed people in Nigeria would increase in the fourth quarter of 2017. The bureau made this prediction in the third quarter unemployment report, which was recently released on its website.
“An economic recession is consistent with an increase in unemployment as jobs are lost and new jobs creation is stalled. The unemployment rate, induced by a recession, typically peaks about 15-18 months after the beginning of a recession or four-eight months after the end of a recession before it returns to its pre-recession trend,” the report read.
“This, in the case of Nigeria, will be a peak in Q4 2017, which means we will only expect unemployment to return to its normal trend in 2018. The length of the lag depends on how deep and long the recession was.”
The report had said the number of people in full-time employment reduced from 52.7 million in the second quarter to 51.1 million in the third quarter.
According to the report, the number of unemployed people within the labour force (15-64 years) increased from 13.6 million to 17.7 million while the number of underemployed people increased from 15.9 million to 18 million.
The people captured in the unemployed bracket are those who recently lost their jobs and those who just joined the labour force either by age or completion of the pursuit of an educational degree.
