Nigeria’s unemployment rate rises for eight consecutive quarter
Unemployment rate rose to 13.8 percent in the third quarter of 2016, compared to the same period of 2015, the National Bureau of Statistics (NBS) said in a report released today, December 15.
According to the statistics bureau, the number of unemployed Nigerians increased by 554,311 persons in the quarter under review.
“There were a total of 27.12 million persons in the Nigerian labour force in Q3 2016, that were either unemployed or underemployed compared to 26.06million in Q2 and 24.5 million in Q1 2016,” the NBS noted.
Unemployment rate in Nigeria reflects the country’s economic crisis, according to Taiwo Oyedele, an economist and head of regulatory services at PriceWaterhouseCoopers (PWC).
“Companies are struggling to survive and are resorting to staff retrenchment to ease their pains,” Oyedele said by phone. “Government must fix the foreign exchange challenges and take down the 41 items that are banned from accessing dollars officially to encourage labour-intensive sectors to start employing people again.”
Nigeria fell into recession in the first quarter of 2016 and has since gone to fall deeper in the third quarter following negative growth of 2.24 percent, according to the National Bureau of Statistics (NBS).
However, labour intensive sectors like Construction, Industry, Manufacturing, Accommodation and Food services have all been contracting since 2015.
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