In the third quarter of 2023, there was a significant surge in the unemployment rate, which peaked at 5.0%, following a notable increase of 4.2% in Q2 2023. The unemployment rate for males was recorded at 4.0 percent, whereas it was 6 per cent for women.
In terms of geography, the unemployment rate in urban areas was 6.0%, whereas it was 4.0% in rural regions. 8.6% was an exceptionally high youth unemployment rate.
About levels of education, the unemployment rates exhibited variation: 7.8% was recorded among individuals possessing post-secondary education, 6.3% among those bearing upper secondary education, 5.5% among those holding lower secondary education, 4.8% among those holding primary education, and 2.7% among those devoid of any formal education.
Self employment.
The percentage of employed people engaged in informal work fell to 92.3% in the third quarter of 2023, a decrease of 0.4% from the previous quarter’s figure of 92.7%. It is worth noting that women demonstrate a significantly greater prevalence of self employment in comparison to males.
Rural regions exhibited a greater incidence of informal employment, accounting for 97.2% of the resident population, whereas urban areas approximated an informality rate of 87.5%. In comparison to males, the representation of women in informal employment is disproportionately low.
Independent employment
According to the data for the specified quarter, 87.3% of employed Nigerians were self-employed by profession, with the remaining 12.7% being employed full-time.
With regard to the gender distribution, the percentage of self-employed women was 90.5%, while males held this position at 84.2%.
Urban regions exhibited a comparatively lower percentage of self-employed inhabitants, at 80.3%, while rural areas showcased a higher rate of 94.5% among the employed population engaged in self-employment.
Labour force participation
The labour force participation rate in Nigeria decreased from 80.4% in Q2 2023 to 79.5% in Q3 2023. The participation rate of males was recorded as 80.9%, whereas that of women was 78.2%. There was a greater propensity for rural inhabitants to engage in labor-intensive endeavours in comparison to their urban counterparts.
75.6 percent of Nigeria’s working-age population was employed during the same time period. The employment-to-population ratio for males stood at 77.7%, while it was 73.5% for females.
The employment-to-population ratio in urban areas was found to be 71.1%, while in rural areas it was 80.7%.