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

The National Bureau of Statistics (NBS) in Nigeria has released its latest report for the second quarter of 2023, revealing an increase in the country’s unemployment rate. The unemployment rate edged up slightly by 0.1 per cent, rising to 4.2 per cent in Q2 from 4.1 per cent in the first quarter of 2023.InformationGuideNigeria

The NBS report also provided insights into various employment metrics. The employment-to-population ratio stood at 77.1 per cent in the second quarter of 2023. Additionally, the combined rate of unemployment and time-related underemployment as a share of the labour force population was reported to be 15.5 per cent during the same period.

A notable increase was observed in the unemployment rate among the youth (aged 15-24 years), which rose to 7.2 per cent in Q2 2023, up from 6.9 per cent in the first quarter of 2023. This data points to a growing challenge of youth unemployment in the country.

The report further highlighted that a significant majority of Nigerian workers, approximately 88.0 per cent, were engaged in self-employment in the second quarter of 2023. In contrast, only 12 per cent of workers were in wage employment during this period.

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Another key finding of the report is the high rate of informal employment, which stood at 92.7 per cent in Q2 2023. This figure underscores the predominance of informal sector employment in the Nigerian economy.

The urban unemployment rate also saw an increase, moving up to 5.9 per cent in Q2 2023 from 5.4 per cent in the previous quarter.JAMB Result

“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).NYSC Portal

“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.JAMB Portal

“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.

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