August 14, 2020/Cowry Asset Report

Freshly released Q2 2020 labour force statistics by National Bureau of Statistics (NBS) showed that Nigeria’s labour force dropped to 80.29 million in Q2 2020 (11.25% down from 90.47 million in Q3 2018).

Further breakdown of the data showed that, unemployment rate rose to 27.1% in Q2 2020 from 23.1% in Q3 2018 as the classification of those working less than 20 hours a week and those who did nothing together increased the number of unemployed persons to 21.76 million (from 20.93 million in Q3 2018).

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