The National Bureau of Statistics has said that in the second quarter of 2023, the unemployment rate for young people between the ages of 15 and 24 rose to 7.2%.
After standing at 6.9% in the first quarter of 2023, the rise was 7.2%.
This information was found in a report published on Thursday by the NBS and headed “Nigeria Labour Force Statistics Report Q2 2023.”
Additionally, according to the NBS, Nigeria’s unemployment rate rose by 0.1% to 4.2% from 4.1% in Q1.
The NBS stated that it improved its methodology for collecting labour market data through the Nigeria Labour Force Survey under International Labour Organisation guidelines, and the unemployment rate is defined as the share of the labour force (the combination of unemployed and employed people) who are not employed but are actively looking for work.
According to the study:
“Focusing on young people, the unemployment rate for 15-24-year-olds was 7.2 per cent in Q2 2023.
“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 went on to say that the majority of Nigerians run companies or work in agriculture.
“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,” it added.
cc: Punch Ng
