Nigeria tops list of countries with high unemployment rate

The most recent numbers provided by the World of Statistics place Nigeria at the top of the list of nations with the highest unemployment rate.

Nigeria had the highest percentage (33.3%), followed by South Africa (32.9%), also an African nation, and Iran (15.55%).

According to the survey, countries with the lowest jobless rates were Niger (0.5%), Cambodia (0.36%), and Qatar (0.1%).

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The National Bureau of Statistics reports that Nigeria’s unemployment rate rose from 27.10% in the second quarter of 2020 to 33.30% in the fourth quarter.

Meanwhile, in a more recent report, a multinational consulting firm, KPMG, stated that the Nigerian unemployment rate had increased to 37.7per cent in 2022, and would further rise to 40.6per cent, due to the continuing inflow of job seekers into the job market.

The multinational consulting firm said unemployment would continue to be a challenge due to the slower-than-required economic growth, and the inability of the economy to absorb the 4-5 million new entrants into the Nigerian job market every year.

The Centre for Social Justice recently, urged the National Bureau of Statistics to compile, and release the current unemployment data for the country.

CSJ, an advocate for fiscal transparency, accountability, and evidence-driven policy making and implementation, stated that the last time Nigeria’s unemployment data was released by the NBS was in the fourth quarter of 2020.

It added that since then, updated information had been absent, an act it consider as negligence of duty.