February 19, 2024
The National Bureau of Statistics (NBS) on Monday, February 19, disclosed that in the third quarter of 2023 (Q3 2023) unemployment rate hit 5%.
This was contained in its document titled: “Nigeria Labour Force Statistics Report Q3 2023.”
NBS said: “The unemployment rate increased significantly in Q3 2023 at 5.0%.”
It recalled that this is an increase of 0.8% from Q2 2023.
NBS further noted that the rate of unemployment among persons with post-secondary education was 7.8% in Q3 2023.
The data said the unemployment rate among youth aged (15-24 years) was 8.6% in Q3 2023, noting that there was an increase of 1.4% compared to Q2 2023.
According to the report, the unemployment rate in urban areas was 6.0% in Q3 2023, a slight increase of 0.1% from Q2 2023.
NBS said time-related underemployment in Q3 2023 was 12.3%, showing a slight increase of 0.5% from the rate recorded in Q2 2023.
This, it said, shows an increase of 1.4% compared to the rate in Q4 2022.
In the period under review, 4.1% of the working-age population was in subsistence agriculture.
