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Nigeria has claimed the top spot in the list of nations with the highest unemployment rates worldwide, as revealed by the most recent statistics published by the World of Statistics.
Based on a report featured in Vanguard, Nigeria secured the first position with a rate of 33.3 percent, closely followed by another African nation, South Africa, at 32.9 percent, and Iran at 15.55 percent.
Conversely, countries such as Qatar (0.1 percent), Cambodia (0.36 percent), and Niger (0.5 percent) reported the lowest rates of unemployment.
However, Nigeria’s unemployment rate surged to 33.30 percent in the fourth quarter of 2020 from 27.10 percent in the second quarter of the same year, as indicated by the National Bureau of Statistics.
A recent report by KPMG unveiled that Nigeria’s unemployment rate had escalated to 37.7 percent in 2022 and was projected to rise further to 40.6 percent. This anticipated increase is attributed to the ongoing influx of job seekers into the labor market. The report underscored that the challenge of unemployment would persist due to the economy’s sluggish growth rate, which is unable to absorb the annual influx of 4-5 million new job entrants in Nigeria.
Responding to this report, the Centre for Social Justice (CSJ), a champion for fiscal transparency, accountability, and evidence-based policy formulation, urged the National Bureau of Statistics to promptly compile and release the current unemployment data for the nation. CSJ criticized the absence of updated information since the NBS released the last unemployment data in the fourth quarter of 2020, branding it as a dereliction of duty.
The National Bureau of Statistics had initially promised to publish new unemployment and employment figures for Nigeria by May 2023; however, the report has yet to be released as of now.
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