7.9 million Nigerians out of jobs in 21 months – NBS

By Obinna Ezugwu

Unemployment report survey for Q3 2017 released by the National Bureau of Statistics (NBS) Friday, shows that a total of 7.956 million Nigerians were out of jobs between January 2016 and September 30, 2017.

The figure represents a significant increase from the 8,036 million it stood in Q4 of 2015.

According to NBS, the number of Nigerians that became unemployed rose from 8,036 million in Q4 2015 to 15.998 million in Q3, 2017. It further revealed that between Q2 and Q3 2017, the number of economically active or working age population increased from 110.3 million to 111.1 million.

“The unemployment rate increased from 14.2 per cent in Q4 2016 to 16.2 per cent in Q2 2017 and 18.8 per cent in Q3 2017,” the report said.

“The number of people within the labor force who are unemployed or underemployed increased from 13.6 million and 17.7 million respectively in Q2 2017, to 15.9 million and 18.0 million in Q3 2017.

“Total unemployment and underemployment combined increased from 37.2 per cent in the previous quarter to 40 per cent in Q3 2017.

“The labor force population increased from 83.9 million in Q2 2017 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.”

The bureau blamed the situation on the country’d frail economy, noting that the economy had remained fragile despite exit from recession.

“An economic recession is consistent with an increase in unemployment as jobs are lost and new jobs creation is stalled.

“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.

The report also indicate that underemployment was more prevalent in the rural areas as 26.9 percent of rural residents within the labour force in were underemployed compared to 9 percent of urban residents within the same period.