- Nigeria’s unemployment rate rose to 5.0% in Q3 2023 from 4.2% in the previous quarter, as reported by the NBS
- Men experienced a 4.0% unemployment rate, while women faced a 6.0% rate, indicating gender disparities in unemployment
According to a labour force survey released by the NBS on Monday, the new methodology defines the unemployment rate as the percentage of the labor force (both employed and unemployed individuals) who are actively seeking employment and are available for work.
Breaking down the data, the report indicated that the unemployment rate among men was 4.0%, while among women it stood at 6.0%. Disparities were also observed between urban and rural areas, with a 6.0% unemployment rate in urban areas compared to 4.0% in rural areas.
Youth unemployment was notably higher at 8.6%, and educational attainment played a role, with unemployment rates varying from 2.7% for individuals with no formal education to 7.8% for those with post-secondary education.
The report highlighted a gender disparity in employment, with 90.5% of women and 84.2% of men being self-employed. Additionally, informal employment rates were significantly higher among women, with 97.2% in rural areas and 87.5% in urban areas engaged in informal employment.
These findings underscore the need for targeted interventions to address unemployment, especially among youth and those with lower levels of educational attainment, while also addressing gender disparities in employment opportunities.