Nigeria’s Unemployment Rate Rises to 4.2% in 2023

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Nigeria’s unemployment rate has experienced a slight increase, rising to 4.2% in the second quarter of 2023 from 4.1% in the previous quarter, according to the latest Nigeria Labour Force Survey. The country’s unemployment rate had reached an all-time high of 33.3% in Q4 2020 but had significantly decreased to 4.1% in Q1 2023. The report provides a breakdown of unemployment rates among different demographics, indicating a rate of 7.2% for 15-24-year-olds and variations based on educational attainment and location.

The labour force participation rate remained high at 80.4% in Q2, and the employment-to-population ratio was 77.1%. The report also highlights that around 88.0% of workers were in self-employment during this period. Urban areas experienced a rise in the unemployment rate from 5.4% in Q1 to 5.9% in Q2. Time-related underemployment in Q2 was 11.8%, and 4.8% of the working-age population were engaged in subsistence agriculture.

This data comes amidst efforts to address unemployment challenges, with initiatives like Baay Projects launching training programs to combat unemployment.

Source: Business Day

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