Nigeria’s unemployment rate rises to 4.2% in Q2’23

By Clara Nwachukwu

Unemployment rate in the country rose to 4.2% in the second quarter (Q2) of 2023, according to the latest Nigeria Labour Survey Force (NLFS) Q2 2023, released yesterday by the National Bureau of Statistics (NBS).

According to the report, the rate represents a marginal increase by 0.1% from the 4.1% recorded in the previous quarrier.

The report, produced in collaboration with the World Bank and the International Labour Organisation (ILO), put the employment-to-population ratio at 77.1% in the quarter under review.

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

Broken down further, the Survey showed that the unemployment rate among youth aged (15-24 years) rose to 7.2% against 6.9% in Q1’23.

The NLFS aims to provide insight into the Nigerian economy, Indicators for policy formulation and a base for international comparison.

Other highlights include:

  • The rate of unemployment among persons with post-secondary education was 8% in Q2 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%.
  • 4.8% 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%

Reiterating the importance of the report, NBS said: “Labour market statistics are among the most important economic indicators and this makes the regular conduct of NLFS crucial.”

It added that: “Labour is one of the most important factors of production and is a major determinant of the economic system globally.”

Regarding the objectives of the report, the Bureau said: “The NLFS enables key labour market statistics and the employment situation to be monitored periodically in Nigeria.

“The indicators include the labour force participation rate, employment-to-population ratio, and unemployment rate, as well as time-related underemployment, self-employment, labour underutilisation, and several other key job characteristics.

“The NLFS aims to provide insight into the Nigerian economy, Indicators for policy formulation and a base for international comparison.”

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

Fed rate cuts to remain in view for 2024, even as rate-setters shift

Next Post

NAOC JV delivers medical equipment to four states

Related Posts