Nigeria’s unemployment rate increased significantly in the third quarter of 2023, rising by 0.8 per cent.

The National Bureau of Statistics (NBS) in its ‘Nigeria Labour Force Survey Q3 2023’ report said the country’s unemployment rate rose sharply from the 4.2 per cent recorded in Q2 2023 to 5.0 per cent in Q3 2023.

The NBS said the labour force participation rate among the working-age population declined to 79.5 per cent in Q3 2023 compared to 80.4 per cent in Q2 2023.