Nigeria’s Unemployment Hits 4.2% in Q2 2023 – NBS Report

Nigeria’s unemployment rate for the second quarter of 2023 has risen to 4.2%, up from 4.1% in the first quarter.

This is contained in the recent Labour Force Survey released by the National Bureau of Statistics (NBS). 

The Statistician-General of the Federation, Prince Adeyemi Adeniran, explained that the figure derived using the new methodology aligned with international standards and guidelines. 

He said the data aims to assist the government and other users in designing and monitoring labour market policies and programmes.

Key findings from the survey include:

1. Increased participation rate: More people participated in the survey in Q2 2023 (80.4%) compared to the 79.9% recorded in Q1 2023.

2. Unemployment among educated individuals: The unemployment rate among persons with post-secondary education was 8% in Q2 2023.

3. Youth unemployment: The unemployment rate among youths aged 15–24 years was 7.2% in Q2 2023, up from 6.9% in Q1 2023.

4. Urban and rural unemployment: Urban unemployment was 5.9% in Q2 2023, compared to 5.4% in Q1 2023, while rural unemployment dropped from 2.9% in Q1 2023 to 2.5% in Q2 2023.

5. Wage employment: The share of those in wage employment increased slightly to 12% in Q2 2023 from 11.08% in Q1 2023.

6. Informal employment: That is, the share of employed persons working in the informal sector and informal employment (including agriculture) in Q2 2023 was 92.7%, a slight increase from 92.6% in Q1 2023.

7. Time-related underemployment: the share of employed people working less than 40 hours per week and declaring themselves willing and available to do more hours of work; the rate in Q2 2023 was 11.8%, indicating a decline compared to the 12.2% recorded in Q1 2023.

8. Youths aged 15–24 who are not in employment, education, or training (NEET) in Q2 2023 was estimated to be 13.9%. 

SOURCE: NBS / FRCN