Breaking News: Youth Unemployment Peaks At 7.2% in Q2, According To NBS Report

Breaking News: Youth Unemployment Peaks At 7.2% in Q2, According To NBS Report....KINDLY READ THE FULL STORY HERE▶

The National Bureau of Statistics has reported a rise in youth unemployment, with the unemployment rate for individuals aged 15 to 24 reaching 7.2 percent in the second quarter of 2023. This marks an increase from 6.9 percent in the first quarter of the same year. The findings are part of the ‘Nigeria Labour Force Statistics Report Q2 2023,’ released on Thursday…CONTINUE READING

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According to the NBS, Nigeria’s overall unemployment rate also experienced a slight uptick, rising to 4.2 percent from the 4.1 percent recorded in the first quarter. The data collection methodology was refined through the Nigeria Labour Force Survey, aligning with International Labour Organisation guidelines. The unemployment rate is defined as the proportion of the labor force—comprising both unemployed and employed individuals—who are actively seeking employment and available for work.

The report highlights that the unemployment rate for individuals aged 15 to 24 was 7.2 percent in the second quarter of 2023. Additionally, it provides a breakdown by gender, revealing rates of 3.5 percent for men and 5.9 percent for women during the same period. Geographically, the urban unemployment rate was 5.9 percent, while rural areas reported a lower rate of 2.5 percent.

The study also delves into the correlation between educational attainment and unemployment. For those with post-secondary education, the unemployment rate was 8.0 percent, compared to 5.4 percent for those with upper secondary education, 3.7 percent for lower secondary education, 3.0 percent for primary education, and 2.5 percent for individuals with no formal education.

Notably, a substantial portion of the workforce is engaged in informal employment, with an informal employment rate of 92.7 percent in the second quarter of 2023. This trend is consistent with the preceding quarters, with women exhibiting a higher rate of informal employment compared to men. The report underlines the significance of these findings, shedding light on the dynamic landscape of employment and emphasizing the need for targeted interventions to address youth unemployment and promote inclusive economic opportunities.

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Source; Bushradiogist

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