Hope as Nigeria is Missing on List of African Countries With Most Unemployment Rate

• Unemployment is one of Africa's biggest issues since it prevents social progress and economic growth
• If nothing changes, around 100 million young Africans might not have jobs by 2030, according to a recent report
• High unemployment rates in Africa have far-reaching effects since they reduce household incomes

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

One of Africa's largest problems is unemployment, which impedes social advancement and economic expansion.

About 100 million young Africans may not have jobs by 2030 if nothing changes, according to the African Development Bank (AfDB) if nothing is done about the situation.

That is a startling figure, and it is understandable why, according to the pan-African research group Afrobarometer, unemployment is the main worry of those between the ages of 18 and 35.

According to a Business Insider report, it makes reasonable that the economic management of their governments is another issue that these young people are concerned about. Only over 3 million formal employment are produced annually, despite the fact that 8 to 11 million young people are expected to enter the workforce annually over the next several decades. There is a tremendous disparity.

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This problem affects even South Africa, the most developed nation on the continent. It has one of the highest rates of youth unemployment in the world, with 61% of those between the ages of 15 and 24 unemployed.

The ramifications of high unemployment rates in Africa are extensive. Because it lowers household earnings, consumer spending is constrained, and economic growth is halted.

It worsens poverty and inequality on a social level, which frequently results in increased crime and political unrest. Furthermore, a brain drain that further impedes progress is caused by the high rate of youth unemployment, which encourages migration as many look for better chances outside.

South Africa has the highest unemployment rate in Africa, according to Statista, with 29.83%, followed by Djibouti at 27.85%. Eswatini, which ranks third with an unemployment rate of 24.65%, demonstrates how difficult it is to get work in these nations.

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Below are the top 10 African countries with the highest unemployment rate:

Nigeria’s unemployment rate falls

Legit.ng reported that in the second quarter of 2024, Nigeria's unemployment rate decreased to 4.3%, indicating better labor market circumstances.

This was a slow rebound from the 5.0% in Q3 2023 and a decline from the 5.3% in Q1 2024, according to the National Bureau of Statistics' most recent report, which was made public on Monday.

Improved worker engagement was demonstrated by the Labour Force Participation Rate, which improved to 79.5% from 77.3% in the prior quarter. Additionally, the Employment-to-Population Ratio improved significantly, rising from 73.2% in Q1 2024 to 76.1% in Q2 2024.

Source: Legit.ng