Nigeria tops in the ranking of countries with the highest rate of unemployment in the world

Nigeria tops in the ranking of countries with the highest rate of unemployment in the world, according to the latest statistics released by the World of Statistics.

According to the report, Nigeria led with 33.3 per cent, followed by another African country, South Africa 32.9 per cent, and Iran 15.55 per cent.

The lowest rate of unemployment was in countries like Qatar: 0.1 per cent, Cambodia: 0.36 per cent, and Niger 0.5 per cent.

But, the unemployment rate in Nigeria increased to 33.30 per cent in the fourth quarter of 2020 from 27.10 per cent in the second quarter of 2020, according to the National Bureau of Statistics.

Meanwhile, in a recent report by KPMG, the Nigerian unemployment rate had increased to 37.7per cent in 2022, and would further rise to 40.6per cent, due to the continuing inflow of job seekers into the job market.

The report said unemployment would continue to be a challenge due to the slower-than-required economic growth, and the inability of the economy to absorb the 4-5 million new entrants into the Nigerian job market every year.

Reacting to the report, the Centre for Social Justice recently, urged the National Bureau of Statistics to compile, and release the current unemployment data for the country.

CSJ, an advocate for fiscal transparency, accountability, and evidence-driven policy making and implementation, stated that the last time Nigeria’s unemployment data was released by the NBS was in the fourth quarter of 2020.

It added that since then, updated information had been absent, an act it consider as negligence of duty.

The National Bureau of Statistics earlier said it would release new unemployment and employment figures for the country by May 2023.

The national statistics body, however, was yet to release the report.