Nigeria has been ranked as the country with second highest unemployment rate in the world, according to data released by Bloomberg.
The report referred to an increase in the jobless rate in the fourth quarter of 2020.
Bloomberg’s report confirms a report released by the Nigerian Bureau of Statistics (NBS) which shows that the unemployment rate in Nigeria is at its peak.
The unemployment rate was heightened by two recessions in the last five years which the country is yet to fully recover from.
According to NBS, Nigeria, with its over 200 million in population, had 27.1 percent employment rate as of Q2 of 2020.
The figure surged to 33.3 percent in Q4, while the underemployment rate dropped from 28.6 per cent to 22.8 per cent.
Figures for both the unemployment and underemployment rate for the Q4 stood at 56.1 per cent.
With the 33.3 percent unemployment rate, Nigeria has surpassed South Africa on a list of 82 countries.
Namibia leads the pack with 33.4 percent.
