The National Bureau of Statistics (NBS) announced on Tuesday that Nigeria’s unemployment rate rose to 5.3% in the first quarter (Q1) of 2024, up from 5% in the third quarter (Q3) of 2023, according to its latest report.
“The unemployment rate for Q1 2024 was 5.3%, showing an increase from 5.0% recorded in Q3 2023. The unemployment rate among males was 4.3% and 6.2% among females,” NBS said.
“By place of residence, the unemployment rate was 6.0% in urban areas and 4.3% in rural areas for Q1 2024.”
According to the agency, the unemployment rate represents the percentage of the labour force (both employed and unemployed individuals) who are not employed but are actively seeking work and available to work. For youth, the unemployment rate fell to 8.4% in Q1 2024, down from 8.6% in Q3 2023.
The bureau’s report shows that unemployment by educational level in Q1 2024 was 2.0% among those with postgraduate education, 9.0% for post-secondary education, 6.9% for secondary education, and 4.0% for individuals with only primary education.
Employment Rate Falls to 73.2%
The agency also reported a decline in Nigeria’s employment-to-population ratio, a crucial measure of workforce participation, in the first quarter of 2024.
The ratio, which reflects the percentage of the employed working-age population, dropped to 73.2%, down from 75.6% in the third quarter of 2023.
“In Q1 2024, 73.2% of Nigeria’s working-age population was employed, down from 75.6% in Q3 2023,” NBS said.
“Disaggregating by sex, the employment-to-population ratio was 74.2% for males and 72.3% for females in Q1 2024.
“Additionally, the employment-to-population ratio in urban areas was 69.5% and 78.9% in rural areas in Q1 2024.
“This is a decrease in the ratio compared to the 71.1% and 80.7% in Q3 2023, respectively.”
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