According to the report by the World of Statistics, Nigeria is leading in the ranking of countries with the highest rate of unemployment in the world.
Nigeria is reportedly leading with 33.3 per cent, closely followed by another African country, South Africa 32.9 per cent, and Iran 15.55 per cent.
In contrast, countries like Quatar, Cambodia and Niger are reported as having the lowest rate of unemployment with 0.1%, 0.36% and 0.5% respectively.
But, the unemployment rate in Nigeria increased to 33.30 per cent in the fourth quarter of 2020 from 27.10 per cent in the second quarter of 2020, According to the National Bureau of Statistics.
Meanwhile, in a recent report by KPMG, the Nigerian unemployment rate had increased to 37.7per cent in 2022, and would further rise to 40.6per cent, due to the continuing inflow of job seekers into the job market.
The report said unemployment would continue to be a challenge due to the slower-than-required economic growth, and the inability of the economy to absorb the 4-5 million new entrants into the Nigerian job market every year.
With reports from the Vanguard Newspaper
