The National Bureau of Statistics reported a rise in the unemployment rate among youths aged 15 to 24, reaching 7.2 percent in the second quarter of 2023. This marked an increase from the 6.9 percent recorded in Q1 2023.
The findings were detailed in the ‘Nigeria Labour Force Statistics Report Q2 2023,’ released by the NBS on Thursday. The overall unemployment rate for Nigeria also increased marginally from 4.1 percent in Q1 to 4.2 percent in Q2, a rise of 0.1 percent.
The NBS emphasized an improved methodology for gathering labor market data via the Nigeria Labour Force Survey, aligning with International Labour Organisation guidelines. The unemployment rate, as defined by the NBS, denotes the proportion of the labor force—comprising both employed and unemployed individuals—who are actively seeking work but remain jobless and available for employment.
The report read, “Focusing on young people, the unemployment rate for 15-24-year-olds was 7.2 per cent in Q2 2023.”
The Bureau further stated, “The unemployment rate for Q2 2023 was 4.2 per cent, this is a marginal increase from 4.1 per cent recorded in Q1 2023.
“Unemployment rate by sex among men was 3.5 per cent and among women was 5.9 per cent in Q2 2023. Disaggregation by location, the unemployment rate was 5.9 per cent in urban areas and 2.5 per cent in rural areas.”
It added that most Nigerians operate their own businesses or engage in farming activities.
“In terms of educational attainment, the unemployment rate was 8.0 per cent for those with post-secondary education, 5.4 per cent for those with upper secondary education, 3.7 per cent for those with lower secondary education, 3.0 per cent for those with primary education, and 2.5 per cent for those with no formal education.
“The rate of informal employment is the share of employed persons in the informal sector and informal employment.
“The informal employment rate in Q2 2023 was 92.7%. Like the previous two quarters, the rate of women in informal employment is higher than that of men.”
