Business

Nigeria’s unemployment rate increased by 0.8% in Q3, 2023 

For the third quarter of 2023, the unemployment rate surged to 5.0%, marking a notable increase from the 4.2% recorded in Q2 2023. Among men, the unemployment rate stood at 4.0%, while among women, it was 6.0%.  


Geographically, urban areas reported a 6.0% unemployment rate compared to 4.0% in rural regions. Youth faced a particularly high unemployment rate of 8.6%. 


Regarding educational attainment, the unemployment rates varied: 7.8% among individuals with post-secondary education, 6.3% for those with upper secondary education, 5.5% for those with lower secondary education, 4.8% for those with primary education, and 2.7% for those with no formal education.