Research Document: NESG 2022 Q4 & 2023 Q1 Unemployment Alert

Posted Fri, Sep 1, 2023 9:57 PM

Key Highlights from the NESG Unemployment Alert for 2022Q4 & 2023Q1

• Nigeria’s unemployment rate fell to 4.1 percent in 2023Q1 from 5.3 percent in 2022Q4. Similarly, the rate of underemployment stood at 12.2 percent and 13.7 percent over the same period. Statistics also showed some disparity across gender and settlement types.

• Unemployment was rife at the upper strata of educational qualification, indicating a mismatch between labour market entrants (particularly graduates) and the industry labour requirements.

• Unemployment was more pervasive among the youth – persons aged 15-34, suggesting that the youth population is less engaged in productive activities than the other age groups (notably, 35-64 years).

• The informal sector in Nigeria provided a large quantum of employment opportunities. This is not unconnected with the fact that over 70 percent of employed persons run their private businesses, which are predominantly non-agricultural activities.