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Nigeria’s Unemployment Rate Increased To 4.2% in Q2 2023- NBS
The National Bureau of Statistics (NBS) has said that the unemployment rate in Nigeria increased to 4.2 per cent in Q2 2023 from the 4.1 per cent recorded in Q1 2023.
The NBS said this in its Nigeria Labour Force Survey for Q2 2023, released in Abuja on Thursday.
It said the unemployment rate was defined as the share of the labour force who were not employed but who were actively searching and were available for work.
In terms of educational attainment, the report said the rate of unemployment among persons with post-secondary education was 8.0 per cent in Q2 2023.
“Those with upper secondary education was 5.4 per cent, while those with lower secondary education was 3.7 per cent, 3.0 per cent for those with primary education and 2.5 per cent for those with no formal education.”
It said the unemployment rate among youth aged (15-24 years) in Q2 2023 was 7.2 per cent compared to the 6.9 per cent recorded in Q1 2023.
The report said the unemployment rate among men was 3.5 per cent and 5.9 per cent among women in Q2 2023.
“The unemployment rate in urban areas was 5.9 per cent in Q2 2023, which was an increase from the 5.4 per cent recorded in Q1 2023.
“While the unemployment rate in rural areas was 2.5 per cent in Q2 2023, which was a decline from the 2.9 per cent recorded in Q1 2023.”
The NBS said time-related underemployment in Q2 2023 was 11.8 per cent compared to 12.2 per cent recorded in Q1 2023.
It said time-related underemployment rate was the share of employed people who were working less than 40 hours per week, but who would be willing and available to work more.
”The share of employed men that were underemployed was 8.4 per cent while the share of employed women that were underemployed was 15.3 per cent in Q2 2023.
”The underemployment rate was 10.3 per cent in urban areas and 13.2 per cent in rural areas.”