ABUJA, Feb 20 (Reuters) – Nigeria's unemployment fee rose to five% within the third quarter amid a cost-of-living disaster after the federal government scrapped a well-liked however costly petrol subsidy.
President Bola Tinubu has defended his two greatest reforms – the abolition of subsidies and alternate controls – saying that though they may result in difficulties within the quick time period, they’re mandatory to draw funding and increase authorities funds.
The unemployment fee rose by 4.2% within the earlier quarter, in keeping with information revealed by the Nationwide Statistics Workplace on the finish of Monday.
The unemployment fee amongst 15-24 yr olds rose to eight.6% from 7.2%. Unemployment in city areas additionally elevated marginally to six% from 5.9% within the earlier quarter.
Nigeria, Africa's most populous nation of greater than 200 million folks, has been affected by excessive unemployment for many years attributable to speedy inhabitants progress that has outpaced financial progress.
However the unemployment fee fell from a report 33% within the fourth quarter of 2020 after the federal government revised the methodology for calculating the info in early 2023.
Nonetheless, underemployment persists with 87% of the self-employed. Solely 12.7% have been in paid employment throughout the interval.
The casual employment fee, which measures the proportion of staff within the grey economic system, was little modified at 92.3%, in keeping with the NBS, whereas labor drive participation additionally fell barely to 79.5 % from 80.4% within the second quarter.
(Reporting by Elisha Bala-Gbogbo Modifying by Shri Navaratnam)
