Nigeria Leads Global Unemployment Rates

Nigeria has taken an unfortunate lead in the worldwide unemployment race, according to the latest statistics from the World of Statistics.


 The country’s unemployment rate stands at a troubling 33.3 percent, making it the highest globally. Close behind are South Africa at 32.9 percent and Iran at 15.55 percent.


Meanwhile, some countries bask in low unemployment rates, such as Qatar with an enviable 0.1 percent, Cambodia at 0.36 percent, and Niger maintaining 0.5 percent, as per the World of Statistics report.


These figures stem from data collected by Nigeria’s National Bureau of Statistics (NBS), which documented a worrying rise in unemployment from 27.10 percent in the second quarter of 2020 to 33.30 percent in the fourth quarter of the same year.


Adding to the concerns, KPMG, a multinational consulting firm, predicted an even higher unemployment rate of 37.7 percent for Nigeria in 2022.


 This projection indicates a potential increase to 40.6 percent, as more job seekers enter an already strained job market.


KPMG attributes this trend to slow economic growth, which has hampered Nigeria’s ability to absorb the annual influx of 4-5 million new job seekers.


Amidst these challenges, the Center for Social Justice (CSJ) urges Nigeria’s National Bureau of Statistics to swiftly compile and release the most current unemployment data. 


The absence of updated information raises concerns about the transparency of reporting.


Although the National Bureau of Statistics had pledged to release new unemployment figures by May 2023, the report’s release is still pending, leaving Nigerians eager for insights into the nation’s employment landscape.


 The delay underscores the urgency of addressing this critical issue.


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