Nigeria has been ranked second highest on a list of countries with the highest unemployment rate globally.
In a reports by Bloomberg, it said that Unemployment in Africa’s largest economy surged to the second highest on a global list of countries.
Nigeria's unemployment rate hit a new record high at 33.3 per cent in fourth quarter (Q4) 2020 from 27.1 recorded in second quarter (Q2) 2020.
According to the Q4 unemployment report released by the Nigerian Bureau of Statistics (NBS) on Monday, a third of the 69.7 million-loop strong labor force in Africa’s most-populous nation either did nothing or worked for less than 20 hours a week, making them unemployed. Another 15.9 million worked less than 40 hours a week, making them underemployed.
NBS noted that the underemployment rate decreased from 28.6 per cent to 22.8 per cent, while a combination of both the unemployment and underemployment rate for the reference period gave a figure of 56.1 per cent.
According to Bloomberg statistics, it said the oil producer, Nigeria, surpassed South Africa on a list of 82 countries with unemployment rates, added that Namibia still leads the list with 33.4 per cent. South Africa records 32.5 per cent.
"More than 60% of Nigeria’s working-age population is younger than 34. Unemployment for people aged 15 to 24 stood at 53.4% in the fourth quarter, and at 37.2% for people aged 25 to 34. The jobless rate for women was 35.2% compared with 31.8% for men," Bloomberg was quoted reporting.
United Nations predicted that Nigeria is expected to be the world’s third most-populous country by 2050, with over 300 million people
According to StatiSense, a data technology company, Bosnia and Herz, with 33.7 per cent, topped the list of countries with highest unemployment rate globally.
This is followed by Angola, Mozambique, Kosovo, Jordan, Lesotho, Palestine and Swaziland.
According to the NBS Q4 report, Imo state recorded the highest rate of unemployment in Nigeria with 56.64 per cent.
This was followed by Adamawa with 54.89 per cent and Cross Rivers state with 53.65 per cent.
The states with the lowest rates were Osun, Benue and Zamfara states with 11.65 per cent, 11.98 per cent and 12.99 per cent respectively.