National Bureau of Statistics in the latest Labor Force Survey released on Monday revealed that the Nigeria’s unemployment rate has surged to 5.0 percent in the third quarter of 2023, up from 4.2 percent in the previous quarter.
The report indicates a decline in the labor force participation rate among the working-age population to 79.5 percent in third quarter, compared to 80.4 percent in second quarter.
Despite efforts to address the issue, Africa’s largest economy experienced a peak unemployment rate of 33.3 percent in fourth quarter 2020, but it had improved to 4.1 percent in first quarter 2023.
However, the recent increase underscores persistent challenges in the job market.
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