Nigeria’s Unemployment Rate Surges in Q3 2023, NBS Report Reveals

Nigeria’s unemployment statistics has taken a significant jump following the release of the latest report from the National Bureau of Statistics (NBS) for the third quarter of 2023.

According to the NBS data, the country’s unemployment rate soared by 0.8% compared to the previous quarter, reaching 5.0% in Q3 2023.

The report highlights a decline in the labour force participation rate among the working-age population, dropping to 79.5% in Q3 2023 from 80.4% in Q2 2023. Furthermore, the employment-to-population ratio decreased by 1.5%, standing at 75.6% in Q3 2023.

Combining unemployment and time-related underemployment, the report reveals a combined rate of 17.3% in Q3 2023, up from 15.5% in Q2 2023. Notably, a significant portion of the workforce, about 87.3%, was self-employed during the period, while only 12.7% were in wage employment.

Among youth aged 15-24 years, the unemployment rate rose to 8.6% in Q3 2023, marking a 1.4% increase compared to Q2 2023. Urban areas witnessed a slight uptick in unemployment, reaching 6.0% in Q3 2023.

Time-related underemployment also saw a marginal increase to 12.3% in Q3 2023, compared to the previous quarter. Subsistence agriculture engaged 4.1% of the working-age population, while informal employment remained high at 92.3%.

The report also highlights a concerning percentage of youth not in employment, education, or training (NEET Rate), which stood at 13.7% in Q3 2023
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