More Nigerian graduates become jobless, unemployment rate hits 21%

The report noted that Nigeria has a high youth unemployment (25.2%), while about 61.5% of those with gainful employment are working below their minimum capability and capacity (Underemployment rate).

Minister of Labour and Employment, Dr. Chris Ngige

The NBS Labour Statistics report showed unemployment rate increased by 14.2% in Q4 2016, which is the third conservative quarter-on-quarter increase in 2016.

It would be recalled that Nigerian economy slides into recession in Q2 2016, and had led to massive job loss across all sectors in the economy.

As the end of 2015, Nigeria’s unemployment rate stood at 10.4%, while as at the swearing of the current administration unemployment rate was noted at 7.5%. One which indicates the employment rate in the country is slow compared to the labour force.

In actual numbers, 2.9 graduates were estimated to lose their jobs within the period while the number of unemployed people increased from 11.1 million in Q3 2016 to 11.59 million in the fourth quarter of 2016.

This report indicates that the President Muhammadu Buhari administration has added 35 million people to the pool of employed Nigerians, as there were only 8 million unemployed Nigerians as at May 29, 2015.

This report calls for government across all tiers to increase their job creation and economic empowerment initiatives, and focus on removing many hurdles faced by small businesses in the country.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Twerking Wendy Shay threatens to snatch someone's man with her slim waist in 'wild' video

Twerking Wendy Shay threatens to snatch someone's man with her slim waist in 'wild' video

20-year-old lady who sued doctor for allowing her to be born has won the case

20-year-old lady who sued doctor for allowing her to be born has won the case

Stormzy: British-Ghanaian rapper finally meets lookalike Romelu Lukaku at Wizkid’s concert (Video)

Stormzy: British-Ghanaian rapper finally meets lookalike Romelu Lukaku at Wizkid’s concert (Video)

Angry man attempts suicide inside banking hall after his money was given to fraudsters (video)

Angry man attempts suicide inside banking hall after his money was given to fraudsters (video)

Doctor and nurse suspended for having sex, moaning and disturbing patients who're in pain

Doctor and nurse suspended for having sex, moaning and disturbing patients who're in pain

Women, this is why you should learn to initiate sex more in your relationship

Women, this is why you should learn to initiate sex more in your relationship

5 things guys should never tell their girlfriends

5 things guys should never tell their girlfriends

Iran women’s goalkeeper accused of being a man after saving two penalties

Iran women’s goalkeeper accused of being a man after saving two penalties