Nigeria’s unemployment rate increased significantly in the third quarter of 2023, rising by 0.8% from Q2 2023.
In its ‘Nigeria Labour Force Survey for the third quarter of 2023’ report published on Monday, the Nigeria Bureau of Statistics 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 NBS said unemployment rate among youth aged (15-24 years) was 8.6% in Q3 2023, recording an increase of 1.4% compared to Q2 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.
“Percentage of youth Not in Employment, Education or Training was 13.7% in Q3 2023,” the report added.
Nigeria’s Unemployment Rate Rises By 0.8% In Third Quarter of Last Year
