Nigeria’s unemployment rate rose to 5.0 percent in the third quarter of 2023 from 4.2 percent in the previous quarter.
The report from the National Bureau of Statistics (NBS) showed that the labour force participation rate among the working-age population declined to 79.5 percent in the third quarter compared to 80.4 percent in the second quarter.
Africa’s biggest economy, with more than 200 million people, had an all-time high unemployment rate of 33.3 percent in the fourth quarter of 2020 but it fell to 4.1 percent in the first quarter of 2023 – from 5.3 percent in the fourth quarter of 2022, following the new methodology adopted by National Bureau of Statistics.
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