Unemployment illustration

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

Nation