According to data from the international labour organisation ilo in subsaharan africa, the youth unemployment rate hovers around 12 percent. Unemployment convergence among the 36 states in nigeria being. Pmi collapses to record low in april on covid19 woes. This page provides nigeria youth unemployment rate actual values, historical data, forecast, chart, statistics, economic. This is the highest rate and the largest overthemonth increase in the history of the series seasonally adjusted data are available back to january 1948. Dec 19, 2018 nigerias unemployment rate rose to 23. Chris ngige, minister of labour and employment, said this while declaring open a twoday workshop on. Not only are young people the most likely to be affected. The lockdown measures imposed in the countryas major economic centers will only amplify the blow as the services sector reels from the severe pullback in consumption. Computing unemployment rate using a 40 hours a week benchmark implies that any. Unemployment convergence among the 36 states in nigeria. In practice, they are usually computed among large.
Feb 12, 2020 in 2019, the unemployment rate in nigeria was at approximately 6. Inflation climbs for seventh month in a row in march. Structural transformation and jobless growth in nigeria. A purchasing power parity ppp between two countries, a and b, is the ratio of the number of units of country as currency needed to purchase in country a the same quantity of a specific good or service as one unit of country bs currency will purchase in country b. May 02, 2019 nigeria unemployment rate to reach 33. Ppps can be expressed in the currency of either of the countries. Nigeria poverty statistics and poverty rate in nigeria 2019. Unemployment and underemployment report for q318, indicated that yearonyear. The poverty rate in nigeria northeast of the country is 76.
For instance, while the national unemployment rate was 19. Nigerias unemployment and underemployment rates increased in 2017, the world bank has said. Petroleum and oil resources play a large role in the nigerian economy. A statement issued by the world bank in abuja on monday night showed that. The effects of unemployment in nigeria are farreaching and cannot be swept under the carpet as they stare us in the face, daring us to do something about it.
Unemployment also has social consequences as it increases the rate of crime. Unemployment and underemployment report for q318, indicated that yearonyear yoy the rate of unemployment rose by 3. Poverty in nigeria, rate, causes and effects, diseases. The country is the 6th largest producer of petroleum in the world. The latest available data puts the unemployment rate at 18. Unemployment in nigeria international journal of economics. Nigeria is the most populous nation in africa with almost 186 million people in 2016 unicef 2017. Productivity and unemployment in nigeria agecon search. Oct, 2010 unemployment also has social consequences as it increases the rate of crime.
In 2019, the unemployment rate in nigeria was at approximately 6. Nigeria unemployment the economic scenario has drastically deteriorated amid the twin shocks of the covid19 pandemic and global oil price crash. Unemployment rate for niger from the world bank for the world development indicators wdi release. Nigerias unemployment rate frightening, says afdb punch. The extant literature refers to productivity and unemployment as constituting a vicious circle that explains the endemic nature of poverty in developing countries. Although unemployment rate in any country is a function of population growth, demographic shifts, varying labour market participation and so on. Dec 20, 2018 nigerias unemployment rate stood at 23. Feb 12, 2020 in 2019, the estimated youth unemployment rate in nigeria was at almost 20 percent.
Nigeria s unemployment numbers jumped by nearly 30 percent this year to 16 million, according to a november report by the national bureau of statistics. The poverty rate in nigeria northwest of the country is 81. According to the source, the data are estimates from the international labour organization, an agency of. Unemployment rate in nigeria 2020 and its economic. This statistic shows the unemployment rate in nigeria from 1999 to 2019.
Considering the fact that, the current population growth rate is put at 2. Nigeria economy gdp, inflation, cpi and interest rate. Dec 30, 2018 the poverty rate in nigeria northcentral of the country is 42. Statistics for national development central bank of nigeria. Pdf with the current population of approximately 182million people prb, 2015.
As nigerias youth population grows, so does its youth unemployment rate, reaching nearly 11. Unfortunately, as the youth population grows, so does the unemployment rate. Nigerias unemployment numbers jumped by nearly 30 percent this year to 16 million, according to a november report by the national bureau of statistics. Nigeria struggles against unemployment, extreme poverty. The northeast and the northwest are the regions of nigeria with the highest. According to the source, the data are estimates from the international labour organization, an agency of the. Nigeria youth unemployment rate 20142018 data 20192020. However one might want to erroneously presume that the demand side of labour, employment offered by firms among others is the most driving force of unemployment rate. Unemployment is one of the major issues affecting nigerias economy and its society. Lets talk about the causes, effects and possible solutions to unemployment in nigeria. For instance, the national bureau of statistics in nigeria revealed the alarming rate of youth unemployment which is as much as 50%. With the current population of approximately 182million people prb, 2015.
The oecd harmonized unemployment rate gives the number of unemployed persons as a. The report shows that 1535 years olds account for close to 60 percent of the. Corruption is a cause of unemployment nigeria because when those in government who are to use public money for building more industries are busy embezzling the funds for their selfish use, the result is massive increase in unemployment rate. Unemployment and economic growth in nigeria citeseerx. Tunji akande examines the factors contributing to its prevalence and policies that. In 2019, the estimated youth unemployment rate in nigeria was at almost 20 percent.
The npc, in a report on its website, said the nations economic growth had not. Unemployment rate in nigeria 2020 and its economic consequences. The national bureau of statistics nbs stated this in. A rise in the unemployment rate is not entirely equivalent to an increase in job losses. According to the national bureau of statistics, nigeria has some of the highest unemployment and underemployment rates in africa, put respectively at 23. Nigeria poverty statistics and poverty rate in nigeria. Unemployment refers to the share of the labor force that is without work but available for and seeking employment. Unemployment is generally said to occur when a person actively searching for a job is unable to find it.
Unemployment rate can be defined by either the national definition, the ilo harmonized. Nigeria has one of the fastestgrowing economies in the world. The solutions to unemployment are combinations of the remedies of the causes of unemployment in nigeria. The number of unemployed individual in nigeria rose by 5. Arguments are ripe whether her evergrowing population is the sole factor responsible also for her continuous growth of unemployment. Economic growth and the unemployment rate congressional research service summary a persistently high unemployment rate is of concern to congress for a variety of reasons, including its negative consequences for the economic wellbeing of individuals and its impact on the federal budget.
The rate of unemployment has increased during last few years due the fallout from the economic challenges. Last year, the national population commission said that the rate of unemployment in nigeria rose from 21. Provision of infrastructures such as good roads, ware house, market. And it has been argued that continuous improvement in productivity is the surest way to breaking this vicious circle. New data published by nigerias national bureau of statistics nbs pegs the unemployment rate at 14. The national bureau of statistics nbs stated this in its labour force statistics. The federal government has said the nigeria unemployment rate will reach 33. The national unemployment rate masks significant disparities or differences among the states unemployment rate. Nigeria is the most populous black country in the world. The stanbic ibtc bank nigeria purchasing managers index pmi sank from 53. Economic outlook 12 unemployment rate continues to trend upward even as the youth population expands rapidly with more than half of the population under the age of 30.
This page provides forecast and historical data, charts, statistics, news and updates for niger unemployment rate. The k4d helpdesk service provides brief summaries of current. Oct 29, 2019 according to the national bureau of statistics, nigeria has some of the highest unemployment and underemployment rates in africa, put respectively at 23. While this is slightly lower than the global youth unemployment rate of 12. Nigerias unemployment rate was at its highest level in the third quarter of 2016 and this was the highest ever recorded since 2009. If unemployment is less than the natural rate, businesses cant find enough workers to keep operating at full capacity. Unemployment rate can be defined by either the national definition, the ilo harmonized definition, or the oecd harmonized definition. Productivity and employment are issues that are central to the social and economic life of every country. Nigerias unemployment, poverty rates increased in 2017.
Nigeria youth unemployment rate 20142018 data 2019. For instance, the national bureau of statistics in nigeria revealed the alarming rate of youth unemployment which is as much as 50 %. That was the lowest unemployment rate since december 1969. The poverty rate in nigeria northcentral of the country is 42. Udu and agu 2005 refer to this as normal unemployment. May 08, 2020 in january 2020, the unemployment rate was 3.
Considering exchange rate volatility in recent years which has affected most of major variables of nigerian economy, this paper investigated the relationship between exchange rate and unemployment in nigeria using annual data of thirtyone years 1986 to 2017. Sep 23, 2014 as nigeria s youth population grows, so does its youth unemployment rate, reaching nearly 11. The total population in nigeria is divided into labour force currently active and nonlabour. The secondaryschool graduates consist of the principal fraction of the unemployed accounting for nearly 35% to 50%.