Unemployment rate rises to 5.3% in Q1’24 – NBS

The report indicated that this figure represents an increase from the 5 percent recorded in the third quarter (Q3) of 2023.

“The unemployment rate for Q1 2024 was 5.3%, up from the 5.0% noted in Q3 2023. The unemployment rate among males was 4.3%, while it was 6.2% among females,” stated the NBS.

“By residency, the unemployment rate was 6.0% in urban areas compared to 4.3% in rural areas for Q1 2024.”

The agency defines the unemployment rate as the percentage of the labor force (comprised of both unemployed and employed individuals) who are not currently employed but are actively seeking work and available to do so.

The NBS also released the results of the 2023 Annual and Q1 2024 Nigeria Labour Force Survey (NLFS).

For the youth demographic, the unemployment rate decreased to 8.4 percent in Q1 2024, down from 8.6 percent in Q3 2023.

According to the bureau’s report, the unemployment rates based on educational attainment in Q1 2024 were as follows: 2.0 percent for individuals with postgraduate education, 9.0 percent for those with post-secondary education, 6.9 percent for secondary education, and 4.0 percent for those who only completed primary education.

Employment Rate Falls to 73.2%

The NBS also disclosed that Nigeria’s employment-to-population ratio, an essential measure of workforce participation, saw a decline in the first quarter of 2024.

This ratio, which indicates the percentage of the employed working-age population, dropped to 73.2 percent from 75.6 percent 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,” the NBS stated.

“Breaking it down by gender, the employment-to-population ratio was 74.2% for males and 72.3% for females in Q1 2024.

“Furthermore, the employment-to-population ratio was 69.5% in urban areas and 78.9% in rural areas for Q1 2024, indicating a decrease compared to 71.1% and 80.7% in Q3 2023, respectively.”