Nigeria takes top spot in global unemployment rankings

Nigeria takes top spot in global unemployment rankings

According to the latest data from the World of Statistics, Nigeria has secured the top position in a global ranking of countries with the highest unemployment rates.

The staggering rate of 33.3 percent puts Nigeria ahead, with South Africa closely following at 32.9 percent and Iran at 15.55 percent.

On the other end of the spectrum, the report highlights Qatar with a mere 0.1 percent, Cambodia with 0.36 percent, and Niger at 0.5 percent as countries with the lowest unemployment rates.

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The National Bureau of Statistics has reported that Nigeria’s unemployment rate experienced a worrisome increase, rising from 27.10 percent in Q2 2020 to 33.30 percent in Q4 2020.

Additionally, a recent study by multinational consulting firm KPMG has uncovered that Nigeria’s unemployment rate has surged to a daunting 37.7 percent in 2022.

Furthermore, the firm predicts a further rise to 40.6 percent due to the continuous influx of job seekers into the labor market.

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The consulting firm emphasizes that the challenge of unemployment persists due to sluggish economic growth and the inability of the economy to accommodate the annual influx of 4-5 million new job seekers.

Advocates for fiscal transparency and evidence-based policy, the Center for Social Justice (CSJ), has urged the National Bureau of Statistics to promptly release updated unemployment data for the nation.

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Despite earlier promises of releasing new figures by May 2023, the National Bureau of Statistics has yet to publish the anticipated report, leaving concerned citizens and stakeholders waiting.

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