Four million nigerians became jobless year nbs #

According to the National Bureau of Statistics (NBS), the unemployment rate in Nigeria increased to 33.3% in the fourth quarter of 2020, with about 4 million Nigerians becoming jobless.

The NBS report, which was released in January 2021, stated that the number of unemployed persons in Nigeria increased from 21.8 million in the third quarter of 2020 to 25.8 million in the fourth quarter of the same year.

The report also showed that the unemployment rate in Nigeria has been on the rise since the fourth quarter of 2018, when it was 18.8%. The rate has continued to increase, reaching a peak of 33.3% in the fourth quarter of 2020.

The NBS attributed the increase in unemployment to a number of factors, including the COVID-19 pandemic, which has had a significant impact on the Nigerian economy. The pandemic has led to a decline in economic activity, including a reduction in the demand for goods and services, which has resulted in job losses.

Other factors that have contributed to the increase in unemployment in Nigeria include a lack of investment in the country's economy, a high level of corruption, and a lack of infrastructure, including power and transportation.

The increase in unemployment in Nigeria has had a number of negative consequences, including an increase in poverty and inequality. It has also led to a decline in the standard of living for many Nigerians, who are struggling to make ends meet.

In response to the increase in unemployment, the Nigerian government has implemented a number of policies aimed at creating jobs and stimulating economic growth. These policies include the establishment of a number of initiatives aimed at supporting small and medium-sized enterprises (SMEs), as well as the creation of a number of jobs in the public sector.

However, despite these efforts, the unemployment rate in Nigeria remains high, and the country continues to face significant economic challenges.