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Nigeria’s unemployment rate grew to 4.2% in Q2 2023 – NBS

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Rising unemployment fuels recruitment scams

 

Recent publication by the National Bureau of Statistics (NBS) on the Nigerian Labour Force Survey revealed that Nigeria’s unemployment rate grew to 4.2% in Q2 2023.

The labour force is the combination of those individuals who are employed and those who are unemployed.

The key highlights from the outcome of the Labour Force Survey can be found below:

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The labour force participation rate among the working-age population remained high at 80.4% in Q2 2023.

The employment-to-population ratio was 77.1% in Q2 2023.

The combined rate of unemployment and time-related underemployment as a share of the labour force population (LU2) was 15.5% in Q2 2023.

Most workers (around 88.0%) were in self-employment in Q2 2023.

The proportion of workers in Wage Employment in Q2 2023 was 12%.

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

The rate of unemployment among persons with post-secondary education was 8% in Q2 2023.

The Unemployment rate among youth aged (15-24 years) in Q2 2023 was 7.2% having been at 6.9% in Q1 2023.

The Unemployment rate in urban areas was 5.9% in Q2 2023, an increase from 5.4% in Q1 2023.
Time-related underemployment in Q2 2023 was 11.8%.

8% of the working-age population were in subsistence agriculture.

Informal employment rate in Q2 2023 was 92.7%.
Percentage of youth Not in Employment, Education nor Training (NEET Rate) was 13.8%.

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