Unemployment rate in Nigeria is set to rise from its current 23.1 per cent to 33.5 per cent in 2020, the Minister of Labour and Employment, Chris Ngige has said.
Today’s Echo gathers that this is a projected increase of over 10 percent, a trend that is likely to lead to untold hardship for Nigerians if left unchecked.
Ngige who spoke on Thursday at the opening of a two-day workshop on Breaking the Resilience of High Unemployment Rate in the Country in Abuja, confirmed that the data from the National Bureau of Statistics (NBC) shows that Nigeria’s unemployment rate could reach 33.5 percent by 2020.
He added that the high unemployment rate of 23.1 percent and underemployment of 16.6 percent by the National Bureau Statistics (NBS) of 2019 report is a source to worry.
He said; “It is a worrisome status as the global poverty capital (World Bank, 2018); and concomitant high prevalence rate of crimes and criminalities, including mass murders, insurgency, militancy, armed robbery, kidnappings, drug abuse, among others.
“As if this situation is not scary enough, it is projected that the unemployment rate for this country would reach 33.5 percent by 2020, with consequences that are better imagined, if the trend is not urgently reversed.”