Home Business Four Million Nigerians Lose Jobs As Unemployment Rate Worsens To 18.8%

Four Million Nigerians Lose Jobs As Unemployment Rate Worsens To 18.8%


By Nse Anthony-Uko
ABUJA, (Sundiata Post) – No fewer than 4.07 million Nigerians have lost their jobs between January and September 2017 the National Bureau of Statistics (NBS) Unemployment Report has shown.
The Unemployment/Underemplyment Report of the Third Quarter of 2017 released by the NBS on Friday showed that the number of Nigerians that became unemployed rose from 11.92 million in the first quarter of this year to 13.58 million and 15.99 million in the second and third quarters respectively.

Specifically for the third quarter, 2.3 million Nigerians in the labour force lost their jobs in the third quarter of 2017, as the number of unemployed persons increased from 13.6 million in the second quarter of the year to 15.9 million during the period.
Nigeria’s unemployment rate worsened from 16.2 per cent in the second quarter of 2017 to 18.8 per cent in the third quarter of the year.
Similarly, the number of underemployed increased from 17.7 million in the second quarter to 18.0 million in Q3 2017.
Data released by the NBS showed that the rise in the rate was occasioned by the economic recession that saw the nation’s growth decelerate until September 2017 when Nigeria finally exited recession.
“An economic recession is consistent with an increase in unemployment as jobs are lost and new jobs creation is stalled,” the report said.
“A return to economic growth provides an impetus to employment. However, employment growth may lag, and unemployment rates worsen especially at the end of a recession and for many months after.”
The report said economically active or working age population (15 – 64 years of age) increased from 110.3 million in Q2 to 111.1 million in Q3 2017, while the labor force population increased from 83.9 million in second quarter to 85.1 million in Q3 2017.
The total number of people in full-time employment (at least 40 hours a week) declined from 52.7 million in Q2 2017 to 51.1 million in Q3 2017, it said, adding that total unemployment and underemployment combined increased from 37.2 percent in the previous quarter to 40.0 percent in Q3 2017.
During the quarter Q3 2017, 21.2 percent of women within the labour force (aged 15-64 and willing, able, and actively seeking work) were unemployed, compared to 16.5 percent of men within the same period.

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