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UPDATE 2-Nigeria's unemployment rate 27.1% in Q2 -NBS

Published 14/08/2020, 09:54
Updated 14/08/2020, 11:48
© Reuters.

© Reuters.

(Adds figure of total in work, oil price information and quote)
By Libby George
LAGOS, Aug 14 (Reuters) - More than a quarter of Nigeria's
workers were out of a job in the second quarter, the National
Bureau of Statistics said on Friday, in the country's first
unemployment data published since 2018.
The unemployment rate stood at 27.1% in the second quarter.
It was 23.1% in the previous report, which dates back to the
third quarter of 2018.
Second-quarter unemployment among young people aged 15-34
was the highest at 34.9%. The data showed that in total, 58.5
million people were employed during the period, 35.6 million of
them full time.
Nigeria has been hard-hit by the fallout from the new
coronavirus pandemic, grappling not only with its own outbreak
but also from a plunge in oil prices after lockdowns worldwide.
The country had 48,116 confirmed cases and 966 deaths as of
Friday. Oil prices, which account for more than half of
government revenue and 90% of foreign reserves, fell close to
20-year lows in the second quarter and remain more than 20%
below their January peak.
Cheta Nwanze, lead partner with consultancy SBM
Intelligence, said the figures were concerning for a country of
200 million, particularly the youth unemployment figures.
"In a country with a median age of 19, these portend a bad
future as potential socio-economic issues such as increased
crime and social unrest will come to the fore as more
able-bodied people look to forcefully take what they need to
live," he said.
Nigeria entered the pandemic without having fully recovered
from a 2016 recession that left more than 13 million people
unemployed.
The World Bank has warned Nigeria faces a recession that
will be "much more pronounced" than in 2016 and potentially the
nation's worst financial crisis in four decades.

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