Business
Nigeria tops global unemployment rate ranking
A new report released by the World of Statistics has revealed that Nigeria is now the leading country in the world in terms of unemployment rate.
In the report released on Tuesday, Nigeria leads the rest of the world with 33.3 per cent, followed by South Africa 32.9 per cent, and Iran which comes in at third place with 15.55 per cent.
The report also stated that the lowest rate of unemployment for the period under review was in countries like Qatar with 0.1 per cent, Cambodia, 0.36 per cent, and Niger Republic at 0.5 per cent.
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Relying on statistics from the National Bureau of Statistics (NBC), which put the unemployment rate in Nigeria from the second quarter of 2020 to May 2023, the World Statistics notes that unemployment rate in Nigeria has increased from 27.10 per cent to 33.30 per cent, making it the highest in the world.
A recent report by multinational consulting firm, KPMG, had also noted that the unemployment rate in Nigeria had increased to 37.7per cent in 2022, and would further rise to 40.6 per cent by the end of 2023 due to the continuing inflow of job seekers into the job market.
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