The Nigerian Bureau of Statistics, NBS, has revealed that a total of 1.5 million Nigerians lost their jobs in the forst quarter of the year 2016.
According to reports released by the Bureau on Friday, NBS said the country’s unemployment rate grew from 10.4 percent to 12.1 percent within the space of one year.
The report revealed that: “In Q1 2016, the labour force population (i.e. those within the working age population willing, able and actively looking for work) increased to 78.4 million from 76.9million in q4 2015,
“This means an additional 1,528,647 economically active persons within 15-64 entered the labour force i.e. were able and willing and actively looking for work between January 1 and March 31 2016.
“Within the same period, the total number in full time employment (did any form of work for at least 40 hours) decreased by 528,148 persons or 0.97%.
“This consists of people who lost their jobs and were either forced or for various reasons chose to move from full time employment to underemployment.
“Within the same period, the number of unemployed in the labour force, increased by 1,449,18 persons (increase of 518,000 between Q3 and Q4 2015) between Q4 2015 and Q1 2016.”
The NBS in the report also noted youth unemployment rate to have rose to 42.24 percent which represents a population of 15.2 million youths.