The National Bureau of Statistics (NBS) has disclosed that the unemployment rate among Nigerian youth aged between 15 to 24 years surged to 7.2 per cent in the second quarter of 2023.
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This development follows a slight uptick from 6.9 per cent recorded in the first quarter of the same year.
The revelation is part of the comprehensive insights provided by the ‘Nigeria Labour Force Statistics Report Q2 2023,’ a document unveiled by the NBS on Thursday. The report shows the challenges faced by the country’s youth in finding gainful employment, contributing to concerns about the overall economic area.
The broader picture presented in the report indicates that Nigeria’s overall unemployment rate experienced a modest increase, rising to 4.2 per cent in Q2 2023 from the 4.1 per cent recorded in the preceding quarter. This marginal shift signals a 0.1 per cent rise in the nation’s unemployment woes.
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The NBS clarified that this data was compiled using an enhanced methodology aligned with International Labour Organisation guidelines. The unemployment rate is specifically defined as the proportion of the labor force—comprising both employed and unemployed individuals—who are actively seeking employment and are available for work.
The report read,
“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.
“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.”
