LAGOS, Nigeria – Nigeria has recently surpassed all other countries in terms of unemployment, according to a newly released report from the World of Statistics on Thursday, May 4, 2023.
With a staggering 33% unemployment rate, Nigeria now leads the list, followed by South Africa at 32%, Iran at 14%, Spain at 13.2%, and Morocco at 11.8%.
The National Bureau of Statistics, NBS, revealed that Nigeria’s unemployment rate had increased to 33.3% in the fourth quarter of 2020, up from 27.1% in the second quarter of the same year.
In a more recent analysis, multinational consulting firm KPMG warned that Nigeria’s unemployment rate had climbed even higher, reaching 37.7% in 2022. KPMG projects that the rate will continue to rise, reaching 40.6% in the near future.
“The growing rate of unemployment in Nigeria can be attributed to the constant inflow of job seekers into the market,” said a KPMG spokesperson. “The situation requires urgent attention and innovative solutions to ensure the nation’s economic stability.”
In stark contrast, countries with the lowest unemployment rates include Vietnam at 2.25%, Switzerland at 2%, Singapore at 1.8%, Thailand at 1.1%, and Qatar at a mere 0.1%.
Other notable countries and their respective unemployment rates include the United States at 3.5%, the United Kingdom at 3.8%, China at 5.3%, and India at 7.8%.
The dire unemployment situation in Nigeria underscores the need for effective policy-making, skills development programs, and innovative entrepreneurship to combat the issue. As the nation faces an uncertain economic future, it is crucial for both the public and private sectors to work together in addressing this significant challenge.
