Nigeria’s Unemployment Rate Skyrockets to 4.2% in Q2 2023 Under Tinubu

Nigeria’s unemployment rate increased slightly in the second quarter of 2023 to 4.2%, according to a data released on Thursday by the National Bureau of Statistics (NBS).

Even while the increase from the 4.1% in the previous quarter seems slight, a deeper look reveals disproportionate effects on women and young people.

While the incidence of unemployment among all workers is still high at 80.4%, women are disproportionately affected by it, with a rate of 5.9% compared to 3.5% for men. Compared to rural areas, where the unemployment rate was 2.5%, urban areas had a significantly higher rate of 5.9%. The young people (15–24 years old) had a 7.2% unemployment rate.

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With 88% of employed Nigerians working for themselves, the country’s employment structure reflects the country’s high rate of self-employment. Within this group, women make up 91.0% of self-employed workers, compared to 85.2% of men. In the meantime, 92.7% of those in employment are in the unorganised sector.

The study emphasises that, across all age groups, women continue to outnumber men in informal employment.

The report equally stated, “Like the previous two quarters, the rate of women in informal employment is higher than that of men. Although the informality rate is high across all age groups, younger persons (15-24), and persons above 65 years were more informally employed.

“The rate of informal employment among people living in rural areas is 97.3 percent while the urban informality rate is estimated at 88 percent.

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“Educational qualification seems to be negatively associated with informality as findings show that persons with higher qualifications are less likely to be in informal employment. 99.6 percent of people with no formal education were found to be in informal employment,” the report added.

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