The National Bureau of Statistics (NBS) released its “Nigeria Labour Force Statistics Report Q3 2023” on Monday, February 19, indicating a significant increase in the country’s unemployment rate during the period.
According to the report, the unemployment rate surged to 5.0% in the third quarter of 2023, marking an increase of 0.8% from the previous quarter, Q2 2023.
The data further revealed that the unemployment rate among individuals with post-secondary education stood at 7.8% in Q3 2023. Additionally, the rate among youths aged 15-24 years reached 8.6%, showing a notable increase of 1.4% compared to the previous quarter.
In urban areas, the unemployment rate slightly rose to 6.0% in Q3 2023, representing a 0.1% increase from Q2 2023.
Regarding underemployment, the report indicated a time-related underemployment rate of 12.3% in Q3 2023, with a slight uptick of 0.5% from the previous quarter. This reflected a 1.4% increase compared to Q4 2022.
A significant portion of the working-age population, about 4.1%, was engaged in subsistence agriculture during the period under review.
The informal employment rate in Q3 2023 was reported at 92.3%, marginally lower than the rate recorded in Q2 2023, which stood at 92.7%.
The report also highlighted the percentage of youth Not in Employment, Education, or Training (NEET Rate), which stood at 13.7% in Q3 2023.
Furthermore, the labour force participation rate among the working-age population declined to 79.5% in Q3 2023 compared to 80.4% in the previous quarter. Similarly, the employment-to-population ratio decreased to 75.6% in Q3 2023, reflecting a 1.5% decrease from Q2 2023.
Lastly, the combined rate of unemployment and time-related underemployment as a share of the labour force population (LU2) rose to 17.3% in Q3 2023 from 15.5% in Q2 2023.
The report concluded that approximately 87.3% of workers were self-employed in Q3 2023, highlighting the prevalence of informal employment in the country.
