The unemployment rate in Nigeria surged to 5.0%, up by 0.8% in the third quarter of 2023.
According to data from the National Bureau of Statistics (NBS), the unemployment rate increased by 0.8%, a sharp increase from the 4.2% recorded in Q2 2023.
In a report titled ‘Nigeria Labour Force Survey Q3 2023’ published on Monday, it was stated that the unemployment rate for youth between the ages of 15 and 24 years was recorded at 8.6 percent in Q3 2023, while the informal employment rate in Q3 2023 was 92.3 percent.
The report reads: “The employment-to-population ratio was 75.6% in Q3 2023, with a decrease of 1.5% compared to a ratio of Q2 2023.
“The combined rate of unemployment and time-related underemployment as a share of the labour force population (LU2) increased to 17.3% in Q3 2023 from 15.5% in Q2 2023.
“About 87.3% of workers were self-employed in Q3 2023; the proportion of workers in wage employment in Q3 2023 was 12.7%.
“The unemployment rate increased significantly in Q3 2023, at 5.0%. This is an increase of 0.8% from Q2 2023.
“The rate of unemployment among persons with post-secondary education was 7.8% in Q3 2023; the unemployment rate in urban areas was 6.0% in Q3 2023, a slight increase of 0.1% from Q2 2023.
“Time-related underemployment in Q3 2023 was 12.3%, showing a slight increase of 0.5% from the rate recorded in Q2 2023. This shows an increase of 1.4% compared to the rate in Q4 2022.
“4.1% of the working-age population was in subsistence agriculture in Q3 2023. The informal employment rate in Q3 2023 was 92.3%, while Q2 2023 was 92.7%.
“The percentage of youth not in employment, education, or training was 13.7% in Q3 2023.”
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