Following the alarming rise of unemployment rate in the fourth quarter of 2020, Bloomberg has ranked Nigeria as second highest on the global list of the unemployment rate.

Africa’s most populous nation, with over 200 million population, had 27.1 percent employment rate as of Q2 2020 and had a surge to 33.3 percent in Q4, according to a report released by the Nigerian Bureau of Statistics (NBS).

According to NBS, the underemployment rate saw a decrease from 28.6 per cent to 22.8 per cent, while a combination of both the unemployment and underemployment rate for the Q4 stood at 56.1 per cent.

Figures tracked by Bloomberg showed that with the 33.3 percent unemployment rate, Nigeria surpasses South Africa and comes second after Namibia with 33.4 percent.