By Mbakaan Kwen, Abuja
According to data from the National Bureau of Statistics, the number of people within the labor force who are unemployed or underemployed increased from 13.6 million and 17.7 million respectively in Q2 2017, to 15.9 million and 18.0 million in Q3 2017
The unemployment rate, induced by a recession, typically peaks about 15-18 months after the beginning of a recession or 4-8 months after the end of a recession before it returns to its pre- recession trend. This, in the case of Nigeria will be a peak in Q4 2017 which means Nigeria will only expect.
According to the Q1 – Q3 2017 report, the unemployment rate increased from 14.2 per cent in Q4 2016 to 16.2 per cent in Q2 2017 and 18.8 per cent in Q3 2017. The number of people within the labor force who are unemployed or underemployed increased from 13.6 million and 17.7 million respectively in Q2 2017, to 15.9 million and 18.0 million in Q3 2017. Total unemployment and underemployment combined increased from 37.2 per cent in the previous quarter to 40.0 per cent in Q3 2017.
It is revealed that, during the Q3 2017, 21.2 per cent of women within the labor force (aged 15-64 and willing, able, and actively seeking work) were unemployed, compared with 16.5 per cent of men within the same period. In Q3 2017, 16.4 per cent of rural and 23.4 per cent of urban dwellers within the labor force were unemployed and unemployment is increasing at a slightly faster rate for urban dwellers than it is for their rural counterparts. Underemployment is predominant in the rural areas (26.9 per cent of rural residents within the labor force in Q3 2017), are underemployed compared to 9 per cent of urban residents within the same period. For the period under review, Q3, 2017, the unemployment rate for young people stood at 33.1 per cent for those aged 15 to 24, and 20.2 per cent for those aged 25 to 34. Underemployment within the same quarter rose slightly amongst the 25 to 34 age group from 22.2 per cent in Q2 2017 to 22.3 per cent in Q3 2017 and declined slightly amongst the 15 to 24 age group from 35.1 per cent in Q2 2017 to 34.2 per cent in Q3 2017. As of Q3 2017, 67.3 per cent of young people aged 15-24 years were either underemployed or unemployed compared to 64.6 per cent in the previous quarter.
The combined underemployment plus unemployment rate for the 25 to 34-year age group stood at 42.5 per cent within the quarter under review, compared with 39.6 per cent in the previous quarter. Combined unemployment and underemployment rate for the entire youth labor force (15-35 years) was 52.65 per cent or 22.64 million compared to 45.65 per cent in Q3 2016, 47.41 per cent in Q4 2016 and 49.70 per cent in Q3 2017.
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