Nigera’s Unemployment rate now 5% Q2,2023- NBS
By Patience Ikpeme, Abuja
Nigeria’s unemployment rate rose to 5 percent in the third quarter of 2023, marking a 0.8 percent increase from the second quarter, according to the National Bureau of Statistics (NBS) report released on Monday.
The report, titled “Nigeria Labour Force Statistics Report Q3 2023,” highlighted a decline in the labor force participation rate among the working-age population, dropping to 79.5% in Q3 2023 from 80.4% in Q2 2023.
In Q3 2023, the employment-to-population ratio decreased to 75.6%, down 1.5% from Q2 2023. Additionally, the combined rate of unemployment and time-related underemployment (LU2) rose to 17.3% from 15.5% in Q2 2023, with 87.3% of workers being self-employed.
The proportion of workers in wage employment was 12.7% in Q3 2023. Unemployment rates among individuals with post-secondary education and youth aged 15-24 years were 7.8% and 8.6%, respectively, in Q3 2023, both showing increases compared to Q2 2023.
Urban unemployment increased slightly to 6.0% in Q3 2023, while time-related underemployment reached 12.3%, up by 0.5% from Q2 2023. Informal employment remained high at 92.3% in Q3 2023.
The percentage of youth not in employment, education, or training (NEET Rate) was 13.7% in Q3 2023, reflecting ongoing challenges in Nigeria’s economy, particularly concerning its large population of unemployed youth.
President Bola Tinubu pledged to address youth unemployment by creating one million jobs in the digital economy during his administration. He made this commitment in his inaugural speech at the Eagle Square, Abuja, last year, emphasizing the need for meaningful opportunities for the youth and proposing legislative measures to facilitate job creation.
