Nigeria’s unemployment fee elevated by 0.1 per cent to 4.2 per cent within the second quarter from 4.1 per cent in Q1 2023.
The Nationwide Bureau of Statistics newest report on Nigeria Labour Survey Pressure Q2 2023 disclosed.
Based on NBS the employment-to-population ratio was 77.1 per cent in Q2 2023 and the mixed fee of unemployment, time-related underemployment as a share of the labour power inhabitants, stood at 15.5 per cent within the interval underneath assessment.
It famous that the unemployment fee amongst youth aged (15-24 years) in Q2 2023 elevated to 7.2 per cent from 6.9 per cent in Q1 2023.
The information additional confirmed that the majority employees in Nigeria, round 88.0 per cent have been in self-employment in Q2 2023.
In the meantime, solely 12 per cent proportion of employees are in Wage Employment within the interval underneath research.
In perspective, the casual employment fee in Q2 2023 stood at 92.7 per cent.
The report added that the Unemployment fee in city areas elevated to five.9 per cent in Q2 2023 from 5.4 per cent within the earlier quarter.
“The unemployment fee in Q2 2023 was 4.2 per cent, this is a rise of 0.1 per cent from the determine recorded in Q1 2023 (4.1 per cent).
“The labour power participation fee among the many working-age inhabitants remained excessive at 80.4 per cent in Q2 2023.The employment-to-population ratio was 77.1 per cent in Q2 2023.The mixed fee of unemployment and time-related underemployment as a share of the labour power inhabitants (LU2) was 15.5 per cent in Q2 2023.
“The speed of unemployment amongst individuals with post-secondary schooling was 8 per cent in Q2 2023.The Unemployment fee amongst youth aged (15-24 years) in Q2 2023 was 7.2 per cent having been at 6.9 per cent in Q1 2023.
“The Unemployment fee in city areas was 5.9 per cent in Q2 2023, a rise from 5.4 per cent in Q1 2023.Time-related underemployment in Q2 2023 was 11.8 per cent. 8 per cent of the working-age inhabitants have been in subsistence agriculture.
“The Casual employment fee in Q2 2023 was 92.7 per cent. Share of youth Not in Employment, Training nor Coaching (NEET Fee) was 13.8 per cent,” NBS said.