BREAKING: Nigeria’s unemployment rate climbs to 5% in the third quarter of 2023.
In the third quarter of 2023, Nigeria witnessed a notable increase in its unemployment rate, which surged by 0.8% compared to the second quarter of 2023.
The National Bureau of Statistics (NBS) disclosed this information in its ‘Nigeria Labour Force Survey Q3 2023’ report released on Monday.
According to the NBS findings, the unemployment rate sharply rose from 4.2% in Q2 2023 to 5.0% in Q3 2023.
The NBS reported a decrease in the labor force participation rate among the working-age population, which dropped to 79.5% in Q3 2023 from 80.4% in Q2 2023.
Providing a detailed breakdown, the Bureau stated, “The employment-to-population ratio stood at 75.6% in Q3 2023, marking a decline of 1.5% compared to the ratio observed in Q2 2023.”
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In Q3 2023, the combined rate of unemployment and time-related underemployment as a proportion of the labor force population (LU2) rose to 17.3%, up from 15.5% in Q2 2023.
Approximately 87.3% of workers were self-employed during Q3 2023, while those in Wage Employment accounted for 12.7%.
The unemployment rate experienced a notable increase in Q3 2023, reaching 5.0%, marking a rise of 0.8% from Q2 2023. Additionally, the unemployment rate among individuals with post-secondary education stood at 7.8% during Q3 2023.
Among youths aged 15-24 years, the unemployment rate reached 8.6% in Q3 2023, representing a 1.4% increase compared to Q2 2023, according to the NBS.
In Q3 2023, the unemployment rate in urban areas reached 6.0%, marking a marginal increase of 0.1% compared to Q2 2023.
Time-related underemployment during Q3 2023 stood at 12.3%, reflecting a slight uptick of 0.5% from the rate recorded in Q2 2023. This represents a larger increase of 1.4% compared to the rate in Q4 2022.
4.1% of the working-age population engaged in subsistence agriculture during Q3 2023.
Informal employment rate in Q3 2023 was 92.3%, slightly lower than the rate recorded in Q2 2023, which was 92.7%.
The percentage of youth Not in Employment, Education, or Training (NEET Rate) stood at 13.7% in Q3 2023, according to the report.
