JUST IN: IN Q3 OF 23 NIGERIA’S UNEMPLOYED RATE INCREASED TO 5%.

Babatunji wusu –

According to the National Bureau of Statistics (NBS), Nigeria’s unemployment rate rose sharply in the third quarter of 2023, increasing by 0.8% from the second quarter.

The NBS reported in its “Nigeria Labour Force Survey Q3 2023” report, which was released on Monday, that the nation’s unemployment rate increased significantly from 4.2% in Q2 2023 to 5.0% in Q3 2023.

According to the NBS, the working-age population’s labor force participation rate fell to 79.5% in Q3 2023 from 80.4% in Q2 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 Bureau stated, breaking down the data.As a percentage of the labor force population (LU2), the combined rate of unemployment and time-related underemployment rose from 15.5% in Q2 2023 to 17.3% in Q3 2023.

In Q3 2023, 87.3% of workers worked for themselves. In Q3 2023, the unemployment rate rose to 5.0%, a considerable increase.