Trending. According to the source, the data are estimates from the International Labour Organization, an agency of … You also have the option to opt-out of these cookies.

That out of the way, it is true that, this problem has been broadly debated.The unemployment normally happened when citizens who have reach the age of working, or who are graduates could not find a good and suitable paid work to engage themselves, at least,  for a tangible period of time.However, going by the reports of the Bureau of Statistics,vabout 40 percent of Nigerian population who are said to fall within the employable age are not employed.One can now imagine the economic, as well as, the social costs of unemployment in Nigeria, which if you look at it critically, you will discover that such costs include, personal costs, that is, lost of income, and costs to government, that is, lost of tax revenue, as well as, costs to society at large, which have to do with social problems, and also lost in GDP.

Ugo Dre the entire nation has an unemployment problem. The economy is a major theme of debate in the lead-up to elections in 2019.

You can  imagine the ffects of unemployment on health of the citizens.Lost of human capital in Nigeria is another economic consequence of unemployment in the country. Another consequence is that, the government is likely to spend much more on unemployment and other related benefits.The issue is that, the government may not necessary pay unemployment benefit just like that, what the government does is to make sure that, a family whose members are unemployed is receiving housing benefit from the government, as well as, income support.Another economic consequence of unemployment in Nigeria is that, it helps in lowering the country’s GDP. In Nigeria, nearly a quarter of the population is out of work and … According to the data, states in the Southern part of the country recorded the highest unemployment rates in the country. Hence, increase in unemployment rate, usually help in exacerbating the rates of homelessness in the country.This is another economic consequence of unemployment in the country, and the simply arithmetic is that most Nigerian citizens, who are unemployed today may likely find it quite difficult to secure a suitabe work in the future, and this is what is called, the hysteresis effect.Stress and health problems especially, suffered from those who are not employed, remained one of the economic consequences of unemployment, and when there is unemployment, the people suffer.If you conduct studies on the unemployed citizens, you will observe signs of depression, and mental anxiety, as well as, other health problems, these problems mostly are noticeably higher. All Rights Reserved Unemployment Rate The myopia which characterized your insight then is again evident here. In 2018, unemployment rate for Nigeria was 22.6 %. In 2019, the estimated youth unemployment rate in Nigeria was at almost 14 percent. Ltd. © 2020. Auty said;Zoom Video Communications, Inc. (NASDAQ: ZM) brings teams together to get more done in a frictionless and secure video environment. 1991 - 2019 Unemployment, female (% of female labor force) (modeled ILO estimate) ... Unemployment with basic education, female (% of female labor force with basic education) Share of youth not in education, employment or training, female (% of female youth population) Download. The refinery will be built using an undisclosed mix of debt and equity, with several commercial banks in negotiations with BUA Group.The contract was signed in the French capital, Paris, between the Chairman of BUA Group, Abdulsamad Rabiu and the Chief Executive Officer of Axen, Jean Sentenac, in a ceremony presided over by France’s Minister Delegate for Foreign Trade and Economic Attractiveness.Get the scoops and market intelligence that can help For instance, as the Nigerian people are out of job, the citizens are missing out on what is considered in the labour market as, ‘on the job training.’On the job training is an important component, when it comes to human capital development and labour skills. Unemployment Rate

It was the first decline in real non-oil GDP growth rate since Q3 2017. However, unemployment is one key issue affecting the economy of Nigeria, and the Nigerian society.To be frank, the rate of unemployment in the country has actually increased as I said earlier over last few years. This one is for you, States in the southwest perhaps by virtue of their proximity to the Nations former capital, Lagos State, have created an enabling environment for businesses to thrive. Nigeria has been grappling with the coronavirus pandemic and a plunge in oil prices. This indicates a decrease of –17.97% points when compared to the rate in the second quarter of 2019, and –14.67% points lower than the previous quarter growth rate of –0.27%. The Federal Government has said the Nigeria unemployment rate will reach 33.5 per cent by 2020. These states also have policies that directly target job creation.Whatever model the South-West zone adapted to provide jobs and better the lots of the people, the South-South should draw a leeway from it and not compound unemployment woes in the country.Samuel is an Analyst with over 5 years experience. Unemployment is one of the major issues affecting Nigeria’s economy and its society. Tackling Nigeria’s worsening unemployment rate – The Punch. Nsikak Nseyen. Having said that, let us look at some of these economic consequences of unemployment in the country.Unemployment, as we all know, has been considered as one biggest cause of poverty in the Nigerian society. The Trading Economics Application Programming Interface (API) provides direct access to our data. In Nigeria, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force. According to him, the high unemployment rate of 23.1 per cent, and underemployment of 16.6 per cent by the National Bureau Statistics (NBS) of 2019 report was alarming. It compares to 23.1 percent seen back in the third quarter of 2018.

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