No fewer than 3.67 million Nigerians lost their jobs within October 2015 to September 2016, the Federal Government has revealed.
The Figures released by the National Bureau of Statistics, shows that the number of unemployed Nigerians rose from 7.51 million in the beginning of October 2015 to 11.19 million at the end of September 2016.
The unemployment report for the fourth quarter of last year covering October to December 2016, which is still being prepared by the NBS, is due for release on March 29.
The report added that while the number of those employed rose from 55.21 million in the beginning of the fourth quarter to 69.47 million as of the end of September, the labour force population rose from 75.94 million to 80.66 million.
A breakdown of the 3.67 million unemployed Nigerians showed that about 522,000 people became jobless within the fourth quarter of 2015; while 1.44 million people joined the labour force in the first quarter of 2016.
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For the second and third quarters of 2016, further analysis of the unemployment report of the NBS showed that about 1.16 million and 550,000 people entered the labour market in search of jobs.
The NBS report explained that unemployment 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.
Unemployment rate was highest for those within the age group of 15 to 24 rising from 17.8 per cent in the beginning of the fourth quarter of 2015 to 25 per cent as of the end of September 2016.
For the 25-34 age group, the unemployment rate, according to the NBS report increased from 10.8 per cent to 15 per cent as of the end of September 2016.
While 15.9 per cent of women in the labour force were unemployed as of the end of the third quarter of 2016, a further 22.9 per cent of women in the labour force were underemployed during the period.
The report said 12 per cent of males were unemployed in the third quarter of 2016, while a further 16.7 per cent of males in the labour force were underemployed during the same period.
“Given that the nature of rural jobs is largely menial and unskilled, such as in agriculture, unemployment is more of a concern in urban areas where more skilled labour is required.
“The unemployment rate in the urban areas was 18.3 per cent compared to 11.8 per cent in the rural areas, as the preference is more for formal white-collar jobs, which are located mostly in urban centres,” the report said.