Nigeria’s Unemployment Rate Reaches 5.3% in Q1 2024

The National Bureau of Statistics (NBS) reported on Tuesday that Nigeria’s unemployment rate rose to 5.3 percent in the first quarter (Q1) of 2024.

According to the NBS, the unemployment rate has grown from 5% in Q3 2023.The unemployment rate in Q1 2024 was 5.3%, an increase from 5.0% in Q3 2023. The jobless rate was 4.3% for men and 6.2% for women, according to the NBS.

“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 is the percentage of the labor force (the combination of jobless and employed persons) who are not employed but are actively looking for work.

For youth, the unemployment rate dropped to 8.4 per cent in Q1 2024, down from 8.6 per cent in Q3 2023.

The bureau’s report indicates that unemployment by educational attainment in Q1 2024 was 2.0 per cent among individuals with postgraduate education, 9.0 per cent for post-secondary education, 6.9 per cent for secondary education, and 4.0 per cent for individuals with only primary education.

Employment Rate Drops To 73.2%

It also released Nigeria’s employment-to-population ratio – a key workforce participation measure – saying it declined in the first quarter of 2024.

The ratio, which represents the percentage of the employed working-age population, fell to 73.2 per cent, a drop from the 75.6 per cent recorded 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.”