Nigeria's Q3'23 Unemployment Rate Rises To 5%
According to the National Bureau of Statistics (NBS), Nigeria's unemployment rate rose sharply in the third quarter of 2023, up 0.8% from the second quarter of 2023.
Published on Monday, the NBS's 'Nigeria Labour Force Survey Q3 2023' report revealed that the nation's unemployment rate increased significantly from 4.2% in Q2 2023 to 5.0% in Q3 2023.
According to the NBS, the working-age population's labor force participation rate fell to 79.5% in Q3 2023 from 80.4% in Q2 2023. “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 Bureau stated, breaking down the data.
As a percentage of the labor force population (LU2), the combined rate of unemployment and time-related underemployment rose to 17.3% in Q3 2023 from 15.5% in Q2 2023. In Q3 2023, 87.3% of workers worked for themselves. In Q3 2023, 12.7% of workers were engaged in wage employment. In Q3 2023, the unemployment rate rose to 5.0%, a significant increase. Compared to Q2 2023, this is an increase of 0.8%.
The rate of unemployment among persons with post-secondary education was 7.8% in Q3 2023.
According to the NBS, the unemployment rate for young people (15–24 years old) increased by 1.4% from Q2 2023 to 8.6% 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. Informal employment rate in Q3 2023 was 92.3%, while Q2 2023 was 92.7%. Percentage of youth Not in Employment, Education or Training (NEET Rate) was 13.7% in Q3 2023,” the report added.
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