The unemployment rate in Nigeria is increasing daily. Many Nigerians are losing their jobs amidst the economic situation forcing some companies to shut down.
Nigeria’s unemployment rate rose to 5.0% in the third quarter of 2023 from 4.2% in the previous quarter, the latest Labour Force Survey said on Monday.
The National Bureau of Statistics (NBS) report showed that the labour force participation rate among the working-age population declined to 79.5% in Q3 compared to 80.4% in Q2.
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Third Quarter Unemployment Rate Rises To 5%
Africa’s biggest economy, with more than 200 million people, had an all-time high unemployment rate of 33.3% in Q4 2020.
Still, it fell to 4.1% in Q1 2023 – from 5.3% in Q4 2022, following the new methodology adopted by NBS.
“The employment-to-population ratio was 75.6% in Q3 with a decrease of 1.5% compared to a ratio of Q2.
“The combined rate of unemployment and time-related underemployment as a share of the labour force population (LU2) increased to 17.3% in Q3 from 15.5% in Q2,” the report said.
It said about 87.3% of workers were self-employed in Q3 and the proportion of workers in Wage Employment in Q3 was 12.7%.
“The rate of unemployment among persons with post-secondary education was 7.8% in Q3.
“The unemployment rate among youth aged (15-24 years) was 8.6% in Q3. Increase of 1.4% compared to Q2.”
Unemployment In urban Areas Rose By 0.1%
According to the agency, unemployment in urban areas was 6.0% in Q3, a slight increase of 0.1% from Q2.
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“Time-related underemployment in Q3 was 12.3%, showing a slight increase of 0.5%t from the rate recorded in Q2.
“This shows an increase of 1.4% compared to the rate in Q4. 4.1% of the working-age population was in subsistence agriculture in Q3.”
“Informal employment rate in Q3 was 92.3% while Q2 2023 was 92.7%. Percentage of youth Not in Employment, Education, or Training”
