The unemployment rate among youth aged between the age of 15 to 24 years increased to 7.2 per cent in the second quarter of 2023, the National Bureau of Statistics has said.

The increase was 7.2 per cent having been at 6.9% in Q1 2023.

This was contained in a report titled, ‘Nigeria Labour Force Statistics Report Q2 2023 which was released on Thursday by the NBS.

The NBS also said that Nigeria’s unemployment rate increased to 4.2 per cent, from 4.1 per cent recorded in Q1, indicating an increase of 0.1 per cent.

The NBS said it enhanced its methodology of collecting labour market data through the Nigeria Labour Force Survey in line with International Labour Organisation guidelines and the unemployment rate is defined as the share of the labour force (the combination of unemployed and employed people) who are not employed but who are actively searching and are available for work.

The report read, “Focusing on young people, the unemployment rate for 15-24-year-olds was 7.2 per cent in Q2 2023.”

The Bureau further stated, “The unemployment rate for Q2 2023 was 4.2 per cent, this is a marginal increase from 4.1 per cent recorded in Q1 2023.

“Unemployment rate by sex among men was 3.5 per cent and among women was 5.9 per cent in Q2 2023. Disaggregation by location, the unemployment rate was 5.9 per cent in urban areas and 2.5 per cent in rural areas.”

It added that most Nigerians operate their own businesses or engage in farming activities.

“In terms of educational attainment, the unemployment rate was 8.0 per cent for those with post-secondary education, 5.4 per cent for those with upper secondary education, 3.7 per cent for those with lower secondary education, 3.0 per cent for those with primary education, and 2.5 per cent for those with no formal education.

“The rate of informal employment is the share of employed persons in the informal sector and informal employment.

“The informal employment rate in Q2 2023 was 92.7%. Like the previous two quarters, the rate of women in informal employment is higher than that of men.”