Nigeria’s unemployment rate edged up slightly to 5.3% in the first quarter of 2024, compared to 5.0% in the third quarter of 2023, according to the National Bureau of Statistics (NBS).
Females bore the brunt of this increase, with a higher unemployment rate of 6.2% compared to males at 4.3%. Urban unemployment held steady at 6.0%, while rural unemployment was notably lower at 4.3%.
PulseNets reported that the unemployment rate among youths, ages 15-24, saw a slight improvement, dipping to 8.4% from 8.6% in Q3 2023. However, the percentage of youths not engaged in education, employment, or training (NEET) climbed to 14.4%, suggesting a growing level of youth disengagement.
The report also highlighted that self-employment remains a dominant trend, particularly in rural areas, where it stood at 91.9%. Nonetheless, the overall self-employment rate experienced a minor decline from 86% in Q1 2023 to 84% in Q1 2024.
The labor force participation rate also dropped, falling from 79.5% in Q3 2023 to 77.3% in Q1 2024, indicating fewer people either employed or actively seeking work.
Also Read: Nigeria’s Unemployment Rate: Deepening Poverty and Economic Struggles
Furthermore, the employment-to-population ratio decreased to 73.2%, signaling diminishing job opportunities, especially in urban centers.
Despite ongoing efforts to address these challenges, significant disparities persist between urban and rural areas, and between genders, as told to PulseNets by sources familiar with the matter.
