Nigeria’s Unemployment Rate Rises to 5% in Q3 2023, NBS Report Reveals
Written by Deborah Oyinloye on February 19, 2024
Nigeria’s unemployment rate has surged to 5% in the third quarter of 2023, marking a notable increase from the previous quarter, according to the latest data released by the National Bureau of Statistics (NBS).
The NBS report highlights a significant rise in unemployment, with the rate rising by 0.8% from Q2 2023. The labour force participation rate among the working-age population also experienced a decline, dropping to 79.5% in Q3 2023 compared to 80.4% in the previous quarter.
Key statistics from the report indicate a decrease in the employment-to-population ratio to 75.6% in Q3 2023, reflecting a 1.5% decrease from Q2 2023. Additionally, the combined rate of unemployment and time-related underemployment reached 17.3% in Q3 2023, up from 15.5% in the previous quarter.
The report underscores the prevalence of self-employment, with approximately 87.3% of workers engaged in self-employment activities in Q3 2023. However, informal employment remains dominant, accounting for 92.3% of employment in Q3 2023.
Youth unemployment remains a concern, with the unemployment rate among individuals aged 15-24 years reaching 8.6% in Q3 2023, representing an increase of 1.4% compared to the previous quarter.
Urban areas experienced a slight uptick in unemployment, with the urban unemployment rate rising to 6.0% in Q3 2023. Time-related underemployment also saw a marginal increase to 12.3% in the same period.
Despite efforts to address unemployment challenges, including initiatives to promote wage employment and education, the report underscores the persistence of unemployment as a pressing issue affecting Nigeria’s labour market.
Author: Deborah Oyinloye
With an interest in media, Deborah aims to impart the lives of people positively.
Amarachi On March 8, 2024 at 3:43 pm
I believe we need to stop looking at the government at this point and focus on things we can do for ourselves.