Data on unemployment rate in nigeria news

Here are some recent news articles and data on the unemployment rate in Nigeria:

Latest Unemployment Rate in Nigeria:

According to the National Bureau of Statistics (NBS), the unemployment rate in Nigeria stood at 33.3% in the fourth quarter of 2020. This represents an increase of 3.3 percentage points from the 30% recorded in the third quarter of 2020.

Breaking Down the Unemployment Rate:

The NBS report also broke down the unemployment rate into different categories:

• Unemployment rate among the youth (15-24 years): 54.9%
• Unemployment rate among the working-age population (15-64 years): 27.1%
• Underemployment rate: 18.8%

Regional Unemployment Rates:

The NBS report also highlighted regional variations in unemployment rates:

• North-West: 35.6%
• North-East: 34.4%
• South-West: 29.4%
• South-East: 28.5%
• South-South: 27.4%
• North-Central: 26.9%

Causes of Unemployment in Nigeria:

Experts have attributed the high unemployment rate in Nigeria to several factors, including:

• Lack of job creation: The country's economy has not been creating enough jobs to absorb the growing number of graduates and entrants into the labor market.
• Brain drain: Many Nigerian graduates and professionals are leaving the country in search of better opportunities abroad.
• Inadequate infrastructure: The country's infrastructure, including power, transportation, and communication, is inadequate, making it difficult for businesses to operate efficiently.
• Corruption: Corruption is a major obstacle to economic growth and development, and it can discourage investment and job creation.

Government Efforts to Address Unemployment:

The Nigerian government has launched several initiatives to address unemployment, including:

• The National Youth Employment Scheme (NYES): This scheme aims to provide jobs for young Nigerians in various sectors, including agriculture, construction, and manufacturing.
• The Micro, Small and Medium Enterprises (MSMEs) Development Fund: This fund aims to provide financial support to small businesses and entrepreneurs to create jobs and stimulate economic growth.
• The Nigeria Industrial Revolution Plan (NIRP): This plan aims to revitalize the country's industrial sector and create jobs through the development of key sectors such as manufacturing, agriculture, and mining.

Recent News Articles:

• "Nigeria's Unemployment Rate Hits 33.3% in Q4 2020" - Vanguard News (February 2021)
• "Unemployment Rate in Nigeria Rises to 33.3% in Q4 2020" - Premium Times (February 2021)
• "Nigeria's Unemployment Crisis: Experts Blame Lack of Job Creation, Brain Drain" - This Day (January 2021)
• "FG Launches National Youth Employment Scheme to Address Unemployment" - Leadership Newspaper (December 2020)

I hope this information is helpful!