The National Bureau of Statistics (NBS) has said that Nigeria’s unemployment rate dropped drastically from 33.3 per cent in the fourth quarter of 2020 to 4.1
President/chairman of the governing council of the Nigerian Association of Small and Medium Enterprises Abdulrasid Yarima had said about 10 percent of the 40 million Micro, Small and Medium Enterprises in the country have shut down since the federal government removed subsidy on petrol.
Statistician-general of the federation Adeyemi Adeniran said the results indicates a scarcity of wage-employment, as the share of those employed in Wage-employment during the reference quarters was 13.4 per cent in Q4 2022 and 11.8 percent in Q1 2023.A further 10.7 per cent in Q4 2022 and 10.6% in Q1 2023 were engaged helping in a household business.
“Underemployment rate which is a share of employed people working less than 40 hours per week and declaring themselves willing and available to work more was 13.7 per cent in Q4 2022 and 12.2% in Q1 2023,” NBS said in the labour force statistics report.About one-third of employed persons worked less than 40 hours per week in both quarters. This was most common among women, individuals with lower levels of education, young people, and those living in rural areas.
The share of the working age population in Nigeria that are not working was 21.4 per cent in the fourth quarter of 2023 and 19.8 per cent in the first quarter of 2023. “Much as the ILO guidelines provides a basis for global comparison, it is important that Nigeria adopts country-specific guidelines which closely reflect unique employment conditions prevalent in the country,” Professor said in reaction yesterday.
“The NBS is counting people who are working for at least one hour in a week or who are self-employed in low-productivity activities as ‘employed,’” said Onyekpere. “This is not an accurate reflection of the reality of the Nigerian labor market.” “Simply to satisfy a fad, it is a waste of tax payers money to produce a report that adds no value to the Nigerian people and their economy”.
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