A new World Bank report has indicated that the unemployment rate in Nigeria has risen to an astronomical level under the administration of President Muhammadu Buhari.
The current rate of unemployment in Nigeria has risen five fold from 6.4 percent in 2010, hitting 33.3 percent as of the last quarter of 2020, according to National Bureau of Statistics.
World Bank said the unemployment rates which started rising sharply in 2015, when President Buhari assumed office, has been worsened by COVID-19, leading the country into recession.
The report which was published in collaboration with Rapid Social Response trust fund (RSR) and Korea World Bank Partnership Facility ( KWPF), said the rate was significantly higher for Nigerian youth (42.5 percent) compared to non-youth (26.3 percent), Peoples Gazette reported.
“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.
It also put the rate of employed male 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 is as a result of economic issues faced in Nigeria.
It states that from 1990 to 2019, migrants from Nigeria has 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 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 administration.
Though President Buhari claims his government has lifted 10 million Nigerians out of poverty, the World Bank maintains that seven million Nigerians became poor in 2020.