Nigeria's Unemployment Rises more than forecast

Nigeria's unemployment rate edged up to 40.3 percent in February. The increase in population is one of the challenges facing Nigeria's labour market with a malfunctioned government. Increased government spending and inflation have prevented economic development in Nigeria.

Unemployment is soaring up despite the fixated figures the national bureau of statistics has revealed. The failed government program's to curb the growing concern of joblessness has only resulted to money laundering among those in power.

The unemployment rate in Nigeria was last reported at 23.9 percent in 2011. The National Bureau of Statistics (NBS) has last reported the figure of unemployed Nigerians in the first half of 2012 at 23.9 per cent, up from 21.1 per cent in 2010 and 19.7 per cent in 2009. The numbers for the latter part of 2012 and 2013 is currently not available.

The National Population Commission (NPC) has said the Nigeria’s population has risen from the 140,431,790 it was five years ago  to 167,912,561 as at October 2011.

This represents an annual population growth rate of 5.6 million people.