Nigeria’s unemployment rate saw a slight rise to 5.3% in Q1 2024, up from 5.0% in Q3 2023, as reported by the National Bureau of Statistics (NBS).
Amongst genders, women experienced a higher unemployment figure of 6.2% in contrast to men at 4.3%. Urban unemployment held firm at 6.0%, while rural areas showed a lower rate at 4.3%.
Furthermore, the data indicated a minor drop in the unemployment rate among youths (aged 15-24) to 8.4% from 8.6% in Q3 2023.
However, the percentage of youths classified as not in education, employment, or training (NEET) climbed to 14.4%, signaling an uptick in youth detachment.
Although self-employment remains prevalent, notably in rural regions where it reached 91.9%, the overall self-employment percentage slightly decreased from 86% in Q1 2023 to 84% in Q1 2024.
The labor force participation rate also declined from 79.5% in Q3 2023 to 77.3% in Q1 2024, indicating a reduction in the number of individuals either employed or actively seeking employment.
Furthermore, the employment-to-population ratio dropped to 73.2%, indicating diminished job prospects, particularly in urban settings.
Despite attempts to tackle these issues, notable gaps persist between urban and rural areas, as well as between genders.
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