The National Bureau of Statistics has released its unemployment report for the 3rd quarter of 2017, and the numbers are very sad.
According to the Bureau’s report, made public on their website, the number of unemployed people increased in the third quarter of the year, and the number is going to get higher.
“An economic recession is consistent with an increase in unemployment as jobs are lost and new jobs creation is stalled. 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,” the report read.
“This, in the case of Nigeria will be a peak in Q4 2017 which means we will only expect unemployment to return to its normal trend in 2018. The length of the lag depends on how deep and long the recession was.”
The report had said the number of people in full-time employment reduced from 52.7 million in the second quarter to 51.1 million in the third quarter.
According to the report, the number of unemployed people within the labour force (15-64 years) increased from 13.6 million to 17.7 million while the number of underemployed people increased from 15.9 million to 18 million.
The people captured in the unemployed bracket are those who recently lost their jobs and those who just joined the labour force either by age or completion of the pursuit of an educational degree.