Hardship worsens as Nigeria’s unemployment rate rises to 5.3% in Q1 2024

Nigeria’s unemployment rate increased to 5.3 percent in the first quarter of 2024, rising by 0.3 percent from 5.0 percent in the third quarter of 2023 amid worsening economic hardship.

The National Bureau of Statistics, NBS, disclosed this in its Nigeria Labour Force Data for the first quarter of 2024, which was released on Tuesday.

According to the report, the unemployment rate for males stood at 4.3 percent, while females experienced a higher rate – 6.2 percent.

In terms of location, urban areas recorded a 6.0 percent unemployment rate, compared to 4.3 percent in rural areas.

Also, the data showed that youth unemployment during the quarter dropped slightly to 8.4 percent, down from 8.6 percent in Q3 2023.

When considering educational attainment, individuals with post-graduate education had an unemployment rate of 2.0 percent, while those with post-secondary education have 9.0 percent. For individuals with secondary education, the rate was 6.9 percent, and for those with primary education, it stood at 4.0 percent.

Conversely, in Q1 2024, Nigeria’s Labor Force Participation rate stood at 77.3 percent.

When analyzed according to location, the rate was higher in rural areas at 82.5 percent, compared to 74.0 percent in urban areas. Among genders, male participation was 77.5 percent, while female participation was slightly lower at 77.1 percent.

A further analysis of the data indicated that the proportion of individuals in self-employment decreased from 86 percent in Q1 2023 to 84 percent in Q1 2024.

Lastly, NBS data showed that the share of underemployed Nigerians dropped to 10.9 percent in Q1 2024, down by 1.4 percentage points from 12.3 percent in Q3 2023.

Nigerians are currently grappling with high prices of goods and services as inflation stood at 32.15 percent in August 2024.

Hardship worsens as Nigeria’s unemployment rate rises to 5.3% in Q1 2024