The unemployment rate in Nigeria had a 5.0% surge in Q3 2023 from the 4.2% recorded in Q2 2023, report by Nairametrics has said.
According to the report, the unemployment rate among men stood at 4.0%, while that of women stood 6.0%.
Urban areas reported a 6.0% unemployment rate while rural areas recorded to 4.0% rate, with the youths facing a particularly high unemployment rate of 8.6%.
In education, attainment, the unemployment rates in individuals with post-secondary education was pegged at 7.8% while those with upper secondary education was pegged at 6.3%.
Those with lower secondary education at 5.5%, 4.8% for those with primary education, and 2.7% for those with no formal education.
The report said in the third quarter of 2023, the proportion of employed individuals engaged in informal work decreased to 92.3%, down by 0.4% from the previous quarter’s 92.7%.
Women according to the report, had a substantially higher rate of informal employment compared to men.
Rural areas had a higher prevalence of informal employment, with 97.2% of residents involved, while urban areas estimated an informality rate of 87.5%.
The report says about 87.3% of employed Nigerians were predominantly self-employed, while the remaining 12.7% worked primarily as employees.
90.5% of women were self-employed, while 84.2% of men were self-employed.
There was a lower proportion of self-employed individuals, in the Urban areas with 80.3% engaging in such work, whereas rural areas exhibited a higher rate of 94.5% among the employed.
