The National Bureau of Statistics (NBS) says Nigeria’s unemployment rate has increased significantly in the third quarter of 2023, rising by 0.8% from Q2 2023.
In its ‘Nigeria Labour Force Survey Q3 2023’ report published on Monday, the NBS said the country’s unemployment rate rose sharply from the 4.2% recorded in Q2 2023 to 5.0% in Q3 2023.
The NBS said the labour force participation rate among the working-age population declined to 79.5% in Q3 2023 compared to 80.4% in Q2 2023.
Giving a breakdown of the statistics, the Bureau said, “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 NBS said the unemployment rate among youth aged (15-24 years) was 8.6% in Q3 2023, recording an increase of 1.4% compared to Q2 2023.
