New World Bank report has indicated that the unemployment rate in Nigeria has risen more than ever in the history of the country under the Buhari-led administration.
For a nation, the unemployment rate is defined as the percentage of the labor force population who could not find at least 20 hours of work in the reference period.
The report says the rate was significantly higher for Nigerian youth (42.5 percent) compared to non-youth (26.3 percent).
The current rate of unemployment in Nigeria has risen fivefold from 6.4 percent in 2010, hitting 33.3 percent as of the last quarter of 2020, per the National Bureau of Statistics report.
The Washington-based organization said the unemployment rates which started rising sharply in 2015, when President Muhammadu Buhari assumed power, have been worsened by COVID-19, leading the country into recession.
“The rise in unemployment rates has been particularly acute since the 2015- 2016 economic recession and has further worsened as COVID-19 led to the worst recession in four decades in 2020” the paper read in part.
The report which was published in collaboration with Rapid Social Response trust fund (RSR) and Korea World Bank Partnership Facility ( KWPF) puts the rate of employed males in Nigeria at 46.4 percent while that of women stood at 40.6 percent.
The World Bank opined that the growing numbers of Nigerian citizens seeking asylum in other countries are a result of economic issues faced in Nigeria.
It states that from 1990 to 2019, migrants from Nigeria have risen from 446, 806 to 1,438, 331.
A World Bank projection in March 2021 had predicted that no fewer than 20 million Nigerians would have plunged into poverty before Mr. Buhari leaves office.
In a report in June, the World Bank warned that Nigeria’s 10 years economic gains could be reversed under the Buhari regime.
Though Mr. Buhari claims his regime has lifted 10 million Nigerians out of poverty, the World Bank maintains that seven million Nigerians became poor under Buhari in 2020.
Mr. Buhari in an interview with Arise TV crew in July blamed youths for the worsening rate of unemployment.
He asked the youths to be of good behavior so that foreign investors can come into the country.
“Nobody is going to invest in an insecure environment.
So I told them [his ministers], I said they should tell the youth that if they want jobs, they will behave themselves,” Mr. Buhari said.