A sobering report published by the World of Statistics has highlighted Nigeria’s disconcerting rise to the forefront of global unemployment rates. The report, unveiled on Tuesday, paints a grim picture as Nigeria surges ahead with an unemployment rate of 33.3 percent, solidifying its unenviable position as the highest globally.

Following closely in this disconcerting race are South Africa, securing the second position with a 32.9 percent unemployment rate, and Iran claiming the third spot at 15.55 percent.

The comprehensive study further revealed that countries boasting the lowest rates of unemployment during the period under review include Qatar, showcasing a mere 0.1 percent; Cambodia with 0.36 percent; and Niger Republic, modestly at 0.5 percent.

The World Statistics report drew upon data sourced from Nigeria’s National Bureau of Statistics (NBS), utilizing statistics spanning from the second quarter of 2020 through May 2023. The report underscores a disheartening trajectory, indicating a noteworthy surge in Nigeria’s unemployment rate from 27.10 percent to an alarming 33.30 percent, solidifying Nigeria’s unsettling global prominence.

This alarming report is not an isolated assessment; multinational consulting firm KPMG echoed these concerns in a recent publication. KPMG’s analysis noted that Nigeria’s unemployment rate escalated to 37.7 percent in 2022, with a forecasted further increase to a staggering 40.6 percent by the conclusion of 2023. The continuous influx of job seekers into the employment market has been cited as a significant contributing factor to this distressing trend.

As the nation grapples with these challenging statistics, the imperative for effective and comprehensive strategies to address unemployment has become all the more urgent.

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