Nigeria’s unemployment rate rises to 4.2 per cent in Q2 2023 – NBS

Nigeria’s unemployment rate rises to 4.2 per cent in Q2 2023 – NBS

Nigeria’s unemployment rate increased by 0.1 per cent to 4.2 per cent in the second quarter from 4.1 per cent in Q1 2023.

The National Bureau of Statistics latest report on Nigeria Labour Survey Force Q2 2023 disclosed.

According to NBS the employment-to-population ratio was 77.1 per cent in Q2 2023 and the combined rate of unemployment, time-related underemployment as a share of the labour force population, stood at 15.5 per cent in the period under review.

It noted that the unemployment rate among youth aged (15-24 years) in Q2 2023 increased to 7.2 per cent from 6.9 per cent in Q1 2023.

The data further showed that most workers in Nigeria, around 88.0 per cent were in self-employment in Q2 2023.

Meanwhile, only 12 per cent proportion of workers are in Wage Employment in the period under study.

In perspective, the informal employment rate in Q2 2023 stood at 92.7 per cent.

The report added that the Unemployment rate in urban areas increased to 5.9 per cent in Q2 2023 from 5.4 per cent in the previous quarter.

“The unemployment rate in Q2 2023 was 4.2 per cent, this is an increase of 0.1 per cent from the figure recorded in Q1 2023 (4.1 per cent).

“The labour force participation rate among the working-age population remained high at 80.4 per cent in Q2 2023.The employment-to-population ratio was 77.1 per cent in Q2 2023.The combined rate of unemployment and time-related underemployment as a share of the labour force population (LU2) was 15.5 per cent in Q2 2023.

“The rate of unemployment among persons with post-secondary education was 8 per cent in Q2 2023.The Unemployment rate among youth aged (15-24 years) in Q2 2023 was 7.2 per cent having been at 6.9 per cent in Q1 2023.

“The Unemployment rate in urban areas was 5.9 per cent in Q2 2023, an increase from 5.4 per cent in Q1 2023.Time-related underemployment in Q2 2023 was 11.8 per cent. 8 per cent of the working-age population were in subsistence agriculture.

“The Informal employment rate in Q2 2023 was 92.7 per cent. Percentage of youth Not in Employment, Education nor Training (NEET Rate) was 13.8 per cent,” NBS stated.