Nigeria Records Drop In Unemployment Rate

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The NBS says anyone working for at least an hour in a week, is deemed employed.

Abuja - August 25 - (Mediaage NG News) – According to Nigeria’s National Bureau of Statistics (NBS), three in four Nigerians of working age were employed by the end of March, sharply contrasting figures from the last data taken at the end of 2020. The data of 2020 showed that one out of three Nigerians that were able to, and actively looking for a job, could not find one.

Although, drastic changes were expected of these figures, after the NBS announced that it was revising its methodology to be in line with the International Labour Organisation (ILO) guidelines. This accounts for what looks like a sharp drop in unemployment, is not all that it seems.

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The BBC said one of the new methods is, all those of working age who are engaged in any activity for pay or profit for at least one hour a week are deemed employed. In the past, the benchmark for employment was a minimum of 20 hours work per week.

The report showed that 75% of working Nigerians owned their businesses or were engaged in farming, while only 12% were employees as at March.

It is also likely to be contentious as it was carried out before the removal of a decades-long fuel subsidy at the end of May when a new government came into power.

The government has also loosened currency restrictions, which has sent prices of commodities spiking. Small businesses and low-income earners are among those most badly affected by these changes.

Local media has been reporting on business closures and how people have had to stop working because of high transport fares.

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