Nigeria has clinched the unenviable top position in the list of nations grappling with the most severe unemployment rates, as per the latest data unveiled by the World of Statistics. The country has surged ahead with an unemployment rate of 33.3 percent, closely followed by another African counterpart, South Africa, standing at 32.9 percent, and Iran at 15.55 percent.
Conversely, the report highlights a distinctly contrasting picture, revealing that countries like Qatar (0.1 percent), Cambodia (0.36 percent), and Niger (0.5 percent) boast the lowest unemployment rates. These statistics underscore the stark disparity in global employment situations.
According to the National Bureau of Statistics, Nigeria has witnessed a worrisome surge in its unemployment rate, ascending from 27.10 percent in the second quarter of 2020 to a staggering 33.30 percent in the fourth quarter of the same year.
A recent report from the reputable multinational consulting firm, KPMG, has cast a spotlight on the deteriorating situation. The firm states that Nigeria’s unemployment rate surged to 37.7 percent in 2022 and forecasts a further unsettling increase to 40.6 percent. This dire projection is attributed to the continuous influx of job seekers into an already strained job market.
KPMG emphasizes that the persistence of unemployment challenges is a direct consequence of the sluggish economic growth rate, coupled with the economy’s inability to absorb the annual influx of 4-5 million new job seekers.
Adding urgency to the situation, the Center for Social Justice (CSJ) has fervently called upon the National Bureau of Statistics to swiftly compile and release the current unemployment data for the nation. As a staunch advocate for fiscal transparency, accountability, and evidence-driven policymaking, CSJ underscores the significance of timely and accurate information.
CSJ points out that the latest unemployment data published by the NBS dates back to the fourth quarter of 2020, rendering the absence of updated information a concerning neglect of duty. The National Bureau of Statistics had previously committed to releasing fresh unemployment and employment figures for the country by May 2023, a move eagerly anticipated by both experts and concerned citizens alike.
