Nigeria’s unemployment rate saw a slight increase to 5.3% in the first quarter of 2024, up from 5.0% in Q3 2023, according to a report released by the National Bureau of Statistics (NBS) on Tuesday. Females experienced a higher unemployment rate of 6.2%, compared to 4.3% for males.
In urban areas, the unemployment rate remained stable at 6.0%, while rural unemployment stood at 4.3%.
Among youth aged 15 to 24, the unemployment rate declined to 8.4% in Q1 2024, from 8.6% in Q3 2023. However, the percentage of youths not in education, employment, or training (NEET) rose to 14.4%, reflecting a growing disengagement among this demographic.
The report also noted a decrease in time-related underemployment, which fell to 10.6% in Q1 2024, down from 12.3% in Q3 2023. Despite efforts to promote wage employment, self-employment remained high at 84%, though it marked a decline from 86% in Q1 2023. The self-employment rate was notably higher in rural areas (91.9%) than in urban areas (78.2%).
Nigeria’s labour force participation rate dropped to 77.3% in Q1 2024, down from 79.5% in Q3 2023. Rural areas recorded a higher participation rate at 82.5%, compared to 74% in urban areas.
The employment-to-population ratio also fell to 73.2%, indicating fewer job opportunities, particularly in urban areas where the ratio dropped to 69.5% from 71.1%.
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