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UPDATE: Nigeria’s Unemployment Rate Increases by 5% – NBS

Nigeria’s unemployment rate rose sharply by 5% in the third quarter (Q3) of 2023, according to the National Bureau of Statistics (NBS), compared to 4.2 percent in the prior quarter.

The “Nigeria Labour Force Survey Q3 2023” report, which was released by NBS yesterday, stated that the unemployment rate for individuals with post-secondary education was 7.8 percent in Q3 2023 and 8.6 percent for youths aged 15 to 24 years, representing a 1.4 percent increase from Q2 2023.

World Bank Reports Nigeria Experiencing Its Worst

According to the data, the working-age population’s labour force participation rate dropped from 80.4 percent in the previous quarter to 79.5 percent in the third quarter of 2023.

In 2023’s third quarter, the ratio of employment to population stood at 75.5 percent, marking a decline of 1.5 percent from the ratio recorded in the second quarter of 2023.

Approximately 87.3 percent of workers were self-employed, according to the survey, while 12.7 percent of workers were employed for a wage.

It also said that in Q3 2023, the proportion of young people not in employment, education, or training was 13.7%.

 

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