[ad_1]
We must value all forms of work, says the writer. (iStock)
- Nigeria’s unemployment rate has more than quadrupled in the past five years when the economy went through two recessions.
- More than 60% of Nigeria’s working-age population is under the age of 34, and the country is expected to be the third most populous in the world by 2050, according to the UN.
- The unemployment rate for women was 35.2% compared to 31.8% for men.
Unemployment in Africa’s largest economy rose to the second highest on a global list of countries monitored by Bloomberg.
Nigeria’s unemployment rate rose to 33.3% in the three months to December, according to a report published Monday by the National Statistics Office on its website. That’s a 27.1% increase in the second quarter of 2020, the latest period for which the agency released statistics on the workforce.
A third of the workforce of 69.7 million people in Africa’s most populous nation did nothing or worked less than 20 hours a week, leaving them unemployed, by Nigerian definition. Another 15.9 million worked less than 40 hours a week, leaving them underemployed.
The oil producer topped South Africa on a list of 82 countries whose unemployment rates are tracked by Bloomberg. Namibia continues to lead the list with 33.4%.
Nigeria’s unemployment rate has more than quadrupled in the past five years as the economy went through two recessions, overshadowing efforts to implement policies to boost growth and create jobs by the administration of President Muhammadu Buhari.
Food costs
The lack of jobs is adding to pressure on consumers in a country where food prices rose more than 20% year-on-year in January and authorities are struggling to control insecurity fueled by violent insurgency attacks and kidnappings. Nigeria’s finances were hit by the oil price drop last year, which accounts for 90% of foreign exchange earnings and about half of government revenue.
More than 60% of Nigeria’s working-age population is under 34 years of age.
Unemployment for people aged 15 to 24 was 53.4% in the fourth quarter and 37.2% for people aged 25 to 34. The unemployment rate for women was 35.2% compared to 31.8% for men.
The recovery of the economy with 200 million inhabitants will be slow, with a growth of 1.5% this year, after the contraction of 1.9% last year, according to the International Monetary Fund. Production will only recover to pre-pandemic levels in 2022, the lender said.
The number of job seekers will continue to increase as population growth continues to outpace production expansion. Nigeria is expected to be the third most populous country in the world by 2050, with more than 300 million people, according to the United Nations.
