As of August 2016, 4.58 million Nigerians had become unemployed since the administration of President Muhammadu Buhari took over on May 29, 2015.
According to the latest statistics released by the Nigerian Bureau of Statistics, the figured increased in the third quarter of 2016 to 5,134,913 as unemployment rate spiked to 13.9 percent.
But according to the latest NBS report, “In Q4 2016, the labour force population (i.e. those within the working age population willing, able and actively looking for work) increased to 81.15 million from 80.67 million in Q3 2016,representing an increase of 0.6% in the labour force during the quarter”.
“This means about 482,689 persons from the economically active population entered the labour force during the quarter.
“During the reference period, the number of unemployed in the labour force, increased by 351,015persons, resulting in an increase in the national unemployment rate to 14.2% in Q4 2016, slightly up from 13.9% in Q3,13.3% in Q2, 12.1% in Q1 2016,and 10.4% in Q4 2015″.
The NBS report said the rate was highest for persons in the labour force between the ages of 15‐24 and 25‐34, which represents the youth population in Nigeria.
ALSO SEE: Tinubu hammers on guarding democracy
Unemployment rate was highest for those within the ages of 15 to 24 rising from 25 per cent to 25.2 per cent. For the 25 to 34 age group, the unemployment rate, according to the NBS report increased from 15 per cent to 15.4 per cent.
The report added that unemployment and underemployment were higher for women than men in the fourth quarter of 2016. While 16.3 per cent of women in the labour force were unemployed as at the end of the fourth quarter of 2016, 12. 3 per cent of males were unemployed.
The economically active population increased from 108.03 million to 108.59 million, this represents a 0.5 percent increase over the previous quarter and a 3.4 per cent increase when compared to fourth quarter 2015,” NBS noted.
The Buhari administration promised to create millions of job in 2016, but NBS figures show that the jobs created could not match the fresh entrants of the labour market.
It is worthy of note that 27.44 million persons within the economically active or working age population decided not to work for one reason or the other in Q4 2016.