“In Q3 2023, the unemployment rate rose to 5.0%, a considerable increase. It was stated in a report on Monday that this represents an increase of 0.8% from Q2 2023.
The NBS reported in its “Nigeria Labour Force Survey Q3 2023” report, which was released on Monday, that “the nation’s unemployment rate increased significantly from 4.2% in Q2 2023 to 5.0% in Q3 2023”.
The working-age population’s labour force participation rate fell to 79.5% in Q3 2023 from 80.4% in Q2 2023.
The Bureau provided a breakdown of the data, stating that: “In Q3 2023, the employment-to-population ratio was 75.6%, representing a 1.5% decline from Q2 2023.”
As a percentage of the labour force population (LU2), the combined rate of unemployment and time-related underemployment rose from 15.5% in Q2 2023 to 17.3% in Q3 2023.
In Q3 2023, about 87.3% of workers worked for themselves while In Q3 2023, 12.7% of workers were engaged in wage employment.
“In Q3 2023, the unemployment rate rose to 5.0%, a considerable increase, compared to Q2 2023 which represents an increase of 0.8%.
“In Q3 2023, the unemployment rate for individuals with post-secondary education was 7.8%.”
The unemployment rate for young people (15–24 years old) increased by 1.4% from Q2 2023 to 8.6% in Q3 2023.
In Q3 2023, the unemployment rate in urban areas was 6.0%, indicating a minor increase of 0.1% over the previous quarter.
“The rate of time-related underemployment in Q3 2023 was 12.3%, indicating a marginal increase of 0.5% from Q2 2023. This indicates a 1.4% increase above the rate from the fourth quarter of 2022.
“In Q3 2023, 4.1% of people of working age engaged in subsistence farming. The rate of informal employment was 92.3% in Q3 2023 and 92.7% in Q2 2023”.
