This information was disclosed in the Nigeria Labour Force Survey (NLFS) report for Q3 2023, released on Monday. Per the NBS, this rate represents a 0.8% increase from the second quarter of 2023, where the unemployment rate stood at 4.2%.
The unemployment rate among men was 4.0% and 6.0 among women. By location, the unemployment rate was 6.0% in urban areas and 4.0% in rural areas. Focusing on young people, the youth unemployment rate was 8.6%.
In Q3 2023, 75.6% of Nigeria's working-age population were employed. When examining the data by gender, the employment-to-population ratio was 77.7% for males and 73.5% for females.
Further disaggregation by location revealed an employment-to-population ratio of 71.1% in urban areas and 80.7% in rural areas.
The report noted that 87.3% of employed Nigerians were predominantly self-employed, while the remaining 12.7% were primarily engaged as employees. 80.3% of employed people in urban areas were self-employed this is lower when compared with 94.5% of employed people in rural areas.
Informal employment
Informal employment in Nigeria and other developing countries seems to be very high when compared to the developed countries.
The percentage of employed individuals engaged in informal work was 92.3%, a slight decrease from the previous quarter's 92.7%. Interestingly, the rate of women involved in informal employment exceeded that of men.
"The rate of informal employment among people living in rural areas was 97.2% while the urban informality rate was estimated at 87.5%. Females are more likely to be in informal employment than males," the report said.
By Adekunle Agbetiloye, Business Insider Africa
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