Nigeria’s unemployment rate surged to 5.0 per cent in the third quarter of 2023 from 4.2 per cent in the previous quarter, the latest Labour Force Survey revealed on Monday.

The labour force participation rate measures the share of a country’s working-age population that is in the labour force.

The working age population refers to people aged 15 years and above who are actively engaged. The labour force is the combination of individuals who are employed and those who are unemployed.

The report from the National Bureau of Statistics showed that the labour force participation rate among the working-age population declined to 79.5 per cent in Q3 compared to 80.4 per cent in Q2.

According to a new methodology adopted by the National Bureau of Statistics, the unemployment rate in Africa’s biggest economy, with more than 200 million people, fell from 5.3 percent in Q4 2022 to 4.1 percent in Q1 2023.

The report read, “The unemployment rate increased significantly in Q3 2023 at 5.0 per cent. This is an increase of 0.8 per cent from Q2 2023. In Q3 2023, the labour force participation rate in Nigeria was 79.5%, having been 80.4% in Q2 2023. The participation rate among men was 80.9% and 78.2% for women. Persons living in rural areas are more likely to participate in labour activities than urban dwellers.

“The employment-to-population ratio was 75.6 per cent in Q3 with a decrease of 1.5 per cent compared to a ratio of Q2. The combined rate of unemployment and time-related underemployment as a share of the labour force population increased to 17.3 per cent in Q3 from 15.5 per cent in Q2,” the report said.

It said about 87.3 per cent of workers were self-employed in Q3 and that the proportion of workers in Wage Employment in Q3 was 12.7 per cent.

“The rate of unemployment among persons with post-secondary education was 7.8 per cent in Q3. The unemployment rate among youth aged (15-24 years) was 8.6 per cent in Q3. Increase of 1.4 per cent compared to Q2.”

According to the statistical agency, the unemployment rate in urban areas was 6.0 per cent in Q3, a slight increase of 0.1 per cent from Q2.

“Time-related underemployment in Q3 was 12.3 per cent, showing a slight increase of 0.5 per cent from the rate recorded in Q2. This shows an increase of 1.4 per cent compared to the rate in Q4. 4.1 per cent of the working-age population was in subsistence agriculture in Q3.”

“Informal employment rate in Q3 was 92.3 per cent, while Q2 2023 was 92.7 per cent. Percentage of youth Not in Employment, Education or Training was 13.7 per cent in Q3,” it added.

In Q3 2023, the proportion of employed individuals engaged in informal work decreased to 92.3%, down by 0.4% from the previous quarter’s 92.7%. Notably, women exhibit a substantially higher rate of informal employment compared to men.

The NBS, since it started using the new methodology, has come under heavy criticism.

When it released its ‘4.1 per cent’ unemployment figure for Q1, 2023, the Nigerian Labour Congress, through its National Secretary-General, stated that the figures were not reflective of the current realities in the country.

The National Secretary, Chris Onyeka, told The PUNCH, “The statistic is not reliable. It is as simple as that. It is not in sync with what is on the ground. We all know that the rate of unemployment in Nigeria is increasing.”

Before the new report, Global audit and tax advisory firm, KPMG, had projected that Nigeria’s unemployment rate is expected to rise to 40.6 per cent as compared to 2022’s 37.7% per cent.

https://punchng.com/nigerias-unemployment-rate-hits-0-8-in-2023-q3-nbs-report/


even the NBS data are not reliable......

oloyedprince1:
Nigeria’s unemployment rate surged to 5.0 per cent in the third quarter of 2023 from 4.2 per cent in the previous quarter, the latest Labour Force Survey revealed on Monday. The labour force participation rate measures the share of a country’s working-age population that is in the labour force.
https://punchng.com/nigerias-unemployment-rate-hits-0-8-in-2023-q3-nbs-report/





even the NBS data are not reliable......

Do they mean 50% or is it my eyes?

Nairalander248:


Do they mean 50% or is it my eyes?

It's not your eyes my brother.

I think its a typo error. They wanted to type 50% actually.

5% will be the joke of the century whichever definition they use to define unemployment.

🤡🤡🤡

these ones are still collecting bribe to give false statistics


angry NIGERIANS will soon match to their offices

Na statistics we go chop?

No be only 5% na 0.0005%.

Signed,

BATimeous.

5% ? Dey play....

It must have reached 80% now

Whoever that is churning out all these data must be mad!!! 5% my foot

5% only?!!

That means Nigerians and Nigeria are flourishing now.

Lies
Nearly half of people of working age can’t get jobs or are doing slave labour with no good pay

One problem too many for one day. daily dose of negative news/event in Nigeria

It's like these people are mad.

Which one is 5%?

I can BeT my left BALL that these figures are INACCURATE

No be only 5%

Delusion ProMax!

Where is Sango? I need to send him in an errand

NIGERIA THAT HAS THE MOST UNEMPLOYMENT RATE IN THE WORLD WITH 90% NOW ANOTHER 5 % DON ENTER

SOME OF YOU WITH COCONUT HEADS WILL SAY IT'S A LIE THAT NIGERIA'S UNEMPLOYMENT RATE IS NOT AT 90%

DO YOU BLOCK HEADS REALIZE THAT MOST NIGERIANS WHO OUGHT TO BE WORKING HAD GIVEN UP HOPE OF LOOKING FOR JOBS LONG AGO

THERE ARE GRADUATES WHO HAVE NEVER WORKED A CORPORATE JOB IN THEIR LIVES

PEOPLE DON'T EVEN BOTHER LOOKING FOR JOBS ANYMORE AND IT HAS BEEN LIKE THESE SINCE THE 80'S

IF YOU BELIEVE AM TALKING NONESENSE....MENTION ANY OF YOUR FAMILY MEMBERS WHO HAVE A JOB THAT HAS A PENSION CAUSE THAT IS HOW WE KNOW PEOPLE THAT HAVE TRUE JOBS

MENTION ANY OF YOUR NEIGHBORS WEY GET WORK

EVEN YOU PEOPLE WEY DEY DIS NAIRALAND.....UNA GET WORK?

They have started this their cut and join statistics. That number na for USA not Nigeria. Go and get our own

Lol
Maybe they now count hunger/unemployment as employment.

Dysfunctional approaches can't solve any problem. Why showing statistics again, since our president doesn't value it.
Na statistics we go chop?
What drives sustainable and viable economy: Industrialisation, innovation and infrastructure. Until all these mechanisms are put in place, we are just joking and wasting our time.

Has Yahoo Yahoo been incorporated into our employment system?

Venezuela way loading

5%?

This is wrong. It should be 2%. Or even non existent.

Yeye people
Shameless people
Unpatriotic people

For NBS to stoop so low so as to falsify or misrepresent data is a huge joke!

It's well

Do you mean that it rose by 5% or rose to 5%?
Unfortunately, our agencies are firmly in the hands of Oluwole people.

NBS should keep deceiving themselves.

We know that Nigerian unemployment rate is over 40% while underemployment is 80%.