Nigeria’s unemployment rate rises to 5.3% in first quarter of 2024

Nigeria’s unemployment rate increased marginally to 5.3% in Q1 2024, up from 5.0% in Q3 2023, according to the National Bureau of Statistics (NBS).

Females recorded a higher unemployment rate of 6.2%, compared to males at 4.3%. Urban unemployment remained steady at 6.0%, while rural unemployment was lower at 4.3%.

The report also revealed that the unemployment rate among youths (ages 15-24) slightly decreased to 8.4% from 8.6% in Q3 2023, though the percentage of youths not in education, employment, or training (NEET) rose to 14.4%, indicating increased youth disengagement.

While self-employment remains predominant, particularly in rural areas where the rate stood at 91.9%, the overall self-employment rate declined slightly from 86% in Q1 2023 to 84% in Q1 2024.

The labour force participation rate also dropped from 79.5% in Q3 2023 to 77.3% in Q1 2024, reflecting fewer people either employed or seeking employment.

Additionally, the employment-to-population ratio fell to 73.2%, signalling reduced job opportunities, particularly in urban areas.

Despite efforts to address these challenges, significant disparities remain between urban and rural areas, and between genders.