Unemployment rate rose by 5% in Q3 of 2023, says NBS

National Bureau of Statistics (NBS) has said Nigeria’s unemployment rate increased significantly by five per cent in the third quarter (Q3) of 2023, as against 4.2 per cent in previous quarter.

The NBS, the custodian of official statistics in the country, disclosed this in a report it published yesterday titled, ‘Nigeria Labour Force Survey Q3 2023’, stating that it was an increase of 0.8 per cent from Q2 of 2023.

It stated that the rate of unemployment among persons with post-secondary education was 7.8 per cent in Q3 2023, while unemployment rate, among youths aged (15-24 years) was 8.6 per cent in Q3 2023, having an increase of 1.4 per cent compared to Q2 2023.

It stated that the labour force participation rate among the working-age population declined to 79.5 per cent in Q3 2023 compared to 80.4 per cent in Q2 2023.

According to the bureau, the employment-to-population ratio was 75.6 per cent in Q3 2023 with a decrease of 1.5 per cent compared to a ratio of Q2 2023.

It stated that the combined rate of unemployment and time-related underemployment as a share of the labour force population (LU2) increased to 17.3 per cent in Q3 2023 from 15.5 per cent in Q2 2023.

It said about 87.3 per cent of workers were self-employed in Q3 2023, while the proportion of workers in wage employment in Q3 2023 rose to12.7 per cent.

According to the bureau, the informal employment rate in Q3 2023 was 92.3 per cent, while Q2 2023 was 92.7 per cent.

It added that percentage of youth Not in Employment, Education or Training (NEET Rate) was 13.7 per cent in Q3 2023.