Amid hardship, Nigeria’s unemployment rate surged to 5.0 in the third quarter of 2023, a 0.8 per cent increase from 4.2 per cent in the previous month.
The latest Labour Force Survey by the National Bureau of Statistics disclosed this on Monday.
Accordingly, the labour force participation rate among the working-age population declined to 79.5 per cent in Q3 2023 compared to 80.4 per cent in Q2 2023.
It stated that the employment-to-population ratio was 75.6 per cent in Q3 2023, with a decrease of 1.5 per cent compared to a ratio of Q2 2023.
The combined unemployment rate and time-related underemployment as a share of the labour force population (LU2) increased to 17.3 per cent in Q3 2023 from 15.5 per cent in Q2 2023.
About 87.3 per cent of workers were self-employed in Q3 2023, and the proportion of workers in Wage Employment in Q3 2023 was 12.7 per cent.
“The rate of unemployment among persons with post-secondary education was 7.8% in Q3 2023.
“The unemployment rate among youth aged (15-24 years) was 8.6 per cent in Q3 2023, an increase of 1.4 per cent compared to Q2 2023.
“The unemployment rate in urban areas was 6.0 per cent in Q3 2023, a slight increase of 0.1 per cent from Q2 2023.
“Time-related underemployment in Q3 2023 was 12.3%, showing a slight increase of 0.5 per cent from the rate recorded in Q2 2023. This shows an increase of 1.4 per cent compared to the rate in Q4 2022.
“4.1 per cent of the working-age population was in subsistence agriculture in Q3 2023.
“Informal employment rate in Q3 2023 was 92.3%, while Q2 2023 was 92.7 per cent.
“Percentage of youth Not in Employment, Education or Training (NEET Rate) was 13.7 per cent in Q3 2023”, the report stated.
Amid hardship, Nigeria’s unemployment rate surges to 5.0%
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