Nigeria’s unemployment rates hits 0.8% in 2023 Q3 – NBS report

The unemployment rate in Nigeria rose by 0.8% in the third quarter of 2023, the Nigerian Bureau of Statistics (NBS) has said.

The NBS stated that it was a significant rise as the unemployment rate rose from 4.2% recorded in Q2 2023 to 5.0% in Q3 2023.

The NBS, the custodian of official statistics in the country,  stated this in a report it published on Monday titled ‘Nigeria Labour Force Survey Q3 2023’

“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.

“About 87.3% of workers were self-employed in Q3 2023.

“The proportion of workers in Wage Employment in Q3 2023 was 12.7%.

“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.

“About 87.3% of workers were self-employed in Q3 2023.

“The proportion of workers in Wage Employment in Q3 2023 was 12.7%,” the report stated.

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