Nigeria’s unemployment rate increased slightly to 5.3% in Q1 2024 from 5.0% in Q3 2023, with females facing higher unemployment at 6.2% compared to 4.3% for males, according to a report by the National Bureau of Statistics (NBS).
The unemployment rate in urban areas remained at 6.0%, while rural areas recorded a rate of 4.3%.
Among youths aged 15 to 24, unemployment decreased to 8.4% in Q1 2024 from 8.6% in Q3 2023. However, the percentage of youths not in education, employment, or training (NEET) rose to 14.4%, highlighting increased disengagement in the youth population.
The report also noted a decrease in time-related underemployment to 10.6% from 12.3% in Q3 2023. Although efforts to boost wage employment have been made, self-employment remains high, with 84% of workers self-employed, particularly in rural areas (91.9%) compared to urban areas (78.2%).
The labour force participation rate declined to 77.3% in Q1 2024, down from 79.5% in Q3 2023, with rural areas showing higher participation (82.5%) compared to urban areas (74%). The employment-to-population ratio also dropped to 73.2% from 75.6%, indicating a contraction in job opportunities, particularly in urban regions.
(Punch)