The National Bureau of Statistics (NBS) has reported a rise in Nigeria’s unemployment rate, which increased to 5.3% in the first quarter of 2024 (Q1 2024), up from 5.0% in the third quarter of 2023 (Q3 2023). This information was shared as part of the Nigeria Labour Force Survey.
The unemployment rate indicates the percentage of the labor force that is not employed but actively looking for work and available for employment. For individuals with varying educational qualifications, the unemployment rate was 2.0% for those with post-graduate degrees, 9.0% for post-secondary education, 6.9% for secondary education, and 4.0% for primary education.
Youth unemployment for those aged 15-24 years was 8.4%, showing a slight decrease from 8.6% in Q3 2023. Gender disparities revealed that the unemployment rate was 4.3% for males and 6.2% for females in Q1 2024. The urban unemployment rate was recorded at 6.0%, while rural areas had a lower rate of 4.3%.
Time-related underemployment was at 10.6%, a decrease from 12.3% in Q3 2023. This metric reflects those working fewer than 40 hours a week but willing to work more. The labor force participation rate for the working-age population fell to 77.3% from 79.5% in Q3 2023, with 77.5% for males and 77.1% for females.
The employment-to-population ratio was 73.2% in Q1 2024, down from 75.6% in Q3 2023. In urban areas, this ratio was 69.5%, while in rural areas, it stood at 78.9%. Furthermore, wage employment saw an increase of 3.3 percentage points, rising from 12.7% in Q3 2023 to 16.0% in Q1 2024, with 20.1% of males in wage employment compared to 12.1% of females.
The report also highlighted that the percentage of youth classified as Not in Employment, Education, or Training (NEET) was 14.4%, which is an increase from 13.7% in Q3 2023. A higher proportion of females (15.9%) were categorized as NEET compared to males (13.0%).
Overall, the report emphasizes the ongoing challenges in Nigeria’s labor market, underscoring the need for strategies to enhance employment opportunities, particularly for youth and women.