Nigeria Unemployment Rises To 33% As Inflation Hits 17.33%
-Nigeria Unemployment rate has hit 33.3 percent, the second-highest in the world
-Research has shown that more than half of the labor force is unemployed or underemployed
-The country’s inflation rate also hit 17.33 in February
Nigeria Unemployment rate has hit 33.3%, according to a report by the National Bureau of Statistics.
Between October and December in 2020, there was a 6.2% increase in the jobless rate among the labor force of Nigeria.
This shows that a third of Nigeria’s 69.7 million labor force did not work at all or worked less than 20 hours in a week. Also, 15.9 million worked less them 40 hours a week, and they are categorized as underemployed.
These statistics show that Nigeria has passed South Africa to have the second-highest unemployment rate, only behind Namibia.
Along with the high employment rate, the country’s inflation rate hit 17.33% in February, the highest in 4 years.
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The National Bureau of Statistics (NBS) announced that food inflation increased by 1.98% in February. This was partly triggered by the blockade between the North.
Consequence of this
Nigerians are going to have to shell out more money for food items than they did in the past. This is shown by the increase in the cost of eggs, bread, potatoes, and other food products.
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