- KPMG predicts Nigeria’s unemployment will rise to 40.6% due to ongoing job market inflow
- Slow economic growth contributes to unemployment challenges
Nigeria has claimed the top spot in a global ranking of countries with the highest unemployment rates, according to the latest data published by the World of Statistics.
With a staggering rate of 33.3 percent, Nigeria leads the pack, followed closely by South Africa at 32.9 percent and Iran at 15.55 percent.
On the flip side, the report identifies countries like Qatar with a mere 0.1 percent, Cambodia with 0.36 percent, and Niger at 0.5 percent as having the lowest unemployment rates.
The National Bureau of Statistics reports that Nigeria’s unemployment rate surged from 27.10 percent in Q2 2020 to a concerning 33.30 percent in Q4 2020.
In a more recent study, multinational consulting firm KPMG has revealed that Nigeria’s unemployment rate climbed to a daunting 37.7 percent in 2022, and predicts a further increase to 40.6 percent due to the continuous influx of job seekers into the labor market.
The consulting firm emphasizes that the challenge of unemployment persists due to sluggish economic growth and the inability of the economy to accommodate the annual influx of 4-5 million new job seekers.
Advocates for fiscal transparency and evidence-based policy, the Center for Social Justice (CSJ), has urged the National Bureau of Statistics to promptly release updated unemployment data for the nation.
Despite earlier promises of releasing new figures by May 2023, the National Bureau of Statistics has yet to publish the anticipated report, leaving concerned citizens and stakeholders waiting.
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