As the Nigerian economy shrinks, creating hunger and increase in cost of goods and services by the day, the National Bureau of Statistics (NBS) has released its findings, revealing a slight increase in Nigeria’s unemployment rate to 4.2% in the second quarter of 2023, up from the 4.1% recorded in the first quarter.
The NBS defines the unemployment rate as the percentage of the labor force actively seeking employment but currently unemployed.
Educational attainment played a significant role in the unemployment rates, with individuals holding post-secondary education experiencing an 8.0% unemployment rate in Q2 2023. Those with upper secondary education and lower educational levels faced rates of 5.4%, 3.7%, 3.0%, and 2.5% for upper secondary, lower secondary, primary education, and no formal education, respectively.
Meanwhile, Nigerian youths have continued to seek greener pasture in other economies around the world in recent times leaving gaps in some industries.
The report also shed light on age-related unemployment, indicating a rate of 7.2% among youth aged 15-24 years in Q2 2023, a slight increase from 6.9% in Q1 2023. Further analysis showed that the unemployment rate among men was 3.5%, while among women, it stood at 5.9% during the same period.
Urban and rural areas experienced varying trends, with the urban unemployment rate rising to 5.9% in Q2 2023 from 5.4% in Q1 2023. Conversely, the rural unemployment rate decreased to 2.5% from 2.9% in the first quarter of the year.
The report delved into time-related underemployment, revealing a decrease to 11.8% in Q2 2023 from 12.2% in Q1 2023. Time-related underemployment refers to individuals employed for fewer than 40 hours per week but willing and available for additional work.