Nigeria’s unemployment rate has seen a slight increase to 5.3% in the first quarter of 2024, up from 5.0% in the third quarter of 2023, according to the latest report from the National Bureau of Statistics. This rise is more pronounced among females, who face an unemployment rate of 6.2%, compared to 4.3% for males.
“The unemployment rate increased to 5.3 per cent in the first quarter of 2024 from 5.0 per cent in Q3 2023.
“The unemployment rate among males was 4.3 per cent and 6.2 per cent among females. The unemployment rate in urban areas was 6.0 per cent in Q1 2024, the same in Q3 2023,” the NBS report read.
In urban areas, the unemployment rate remains steady at 6.0%, while rural areas report a lower rate of 4.3%. Interestingly, the youth unemployment rate, which includes those aged 15-24, has decreased to 8.4% from 8.6% in the previous quarter.
However, the percentage of youths not in education, employment, or training has risen to 14.4%, indicating growing disengagement among young people.
The report also highlights a decline in time-related underemployment, which measures the proportion of workers available for additional work hours, from 12.3% to 10.6%.
Despite efforts to boost wage employment, self-employment remains high at 84%, with rural areas having a significantly higher self-employment rate of 91.9% compared to 78.2% in urban areas.
Nigeria’s labour force participation rate has dropped to 77.3% in the first quarter of 2024, down from 79.5% in the third quarter of 2023. This decline is more pronounced in urban areas, where the participation rate stands at 74%, compared to 82.5% in rural areas. Male participation is slightly higher at 77.5%, while female participation is 77.1%.
The employment-to-population ratio has also decreased to 73.2% from 75.6% in the previous quarter, reflecting a contraction in job opportunities, particularly in urban areas. This trend is concerning, especially considering Nigeria’s large working-age population.
Overall, while there are some positive trends, such as the decrease in youth unemployment, the report highlights the need for continued efforts to address the country’s unemployment challenges and promote economic growth.
