Nigeria’s Unemployment Rate Rises to 5.3% in Q1 2024 — NBS

The National Bureau of Statistics (NBS) has revealed that Nigeria’s unemployment rate increased to 5.3 per cent in the first quarter of 2024. The latest figures were disclosed in a report released by the NBS on Tuesday, marking an uptick from the 5.0 per cent recorded in the third quarter (Q3) of 2023.

According to the NBS, the unemployment rate for males stood at 4.3 per cent, while females experienced a higher rate of 6.2 per cent during the same period. The report also highlighted disparities based on location, with urban areas recording a 6.0 per cent unemployment rate compared to 4.3 per cent in rural areas for Q1 2024.

“The unemployment rate for Q1 2024 was 5.3%, showing an increase from 5.0% recorded in Q3 2023,” the bureau stated in its report. The NBS defines the unemployment rate as the percentage of the labour force, including both employed and unemployed individuals, who are not working but are actively seeking employment.

Youth Unemployment Rate Declines

In a positive development, the report indicated a slight drop in youth unemployment, which fell to 8.4 per cent in Q1 2024, down from 8.6 per cent in Q3 2023. This figure represents the unemployment rate among Nigeria’s young people, a demographic that often faces unique employment challenges.

Educational Attainment and Unemployment

The report further provided insights into unemployment rates based on educational attainment. Individuals with postgraduate education recorded the lowest unemployment rate at 2.0 per cent, while those with post-secondary education faced a rate of 9.0 per cent. For people with secondary education, the rate stood at 6.9 per cent, and those with only primary education recorded a 4.0 per cent unemployment rate.

Employment-to-Population Ratio Falls to 73.2%

In addition to the unemployment data, the NBS also reported a decline in Nigeria’s employment-to-population ratio, a critical indicator of workforce participation. The ratio dropped to 73.2 per cent in Q1 2024, down from 75.6 per cent in Q3 2023. This ratio represents the percentage of the working-age population that is employed.

Breaking the data down by gender, the employment-to-population ratio for males was 74.2 per cent, while it was 72.3 per cent for females. By place of residence, urban areas had an employment-to-population ratio of 69.5 per cent, while rural areas recorded 78.9 per cent in Q1 2024, compared to 71.1 per cent and 80.7 per cent in Q3 2023, respectively.