A new report released by the National Bureau of Statistics (NBS) has revealed that Nigeria’s unemployment rate increased significantly in the third quarter of 2023, rising by 0.8% from Q2 2023.
According to NBS, the country’s unemployment rate rose sharply from the 4.2% recorded in Q2 2023 to 5.0% in Q3 2023. Labour force participation rate among the working-age population declined to 79.5% in Q3 2023 compared to 80.4% in Q2 2023.
The report read;
“The employment-to-population ratio was 75.6% in Q3 2023 with a decrease of 1.5% compared to a ratio of Q2 2023.
“The combined rate of unemployment and time-related underemployment as a share of the labour force population (LU2) increased to 17.3% in Q3 2023 from 15.5% in Q2 2023.
