The National Bureau of Statistics (NBS) has revealed that Nigeria's unemployment rate rose to 5.3% in the first quarter (Q1) of 2024, compared to 5.0% in the third quarter (Q3) of 2023. The data, released on September 24, outlines the challenges in the labor market, with gender and regional disparities in job availability.
According to the NBS, unemployment refers to individuals actively seeking work but unable to find jobs. The report shows that the unemployment rate for men was 4.3%, while it was higher for women at 6.2%. In urban areas, the rate was 6.0%, compared to 4.3% in rural regions.
Youth unemployment, however, showed a slight improvement, dropping from 8.6% in Q3 2023 to 8.4% in Q1 2024.
The report also pointed to a decline in the employment-to-population ratio, which measures the percentage of the working-age population that is employed. This ratio fell to 73.2% in Q1 2024 from 75.6% in Q3 2023. Among men, 74.2% were employed, while 72.3% of women had jobs during the period. Urban employment stood at 69.5%, while rural areas had a higher rate of 78.9%.
Additionally, the NBS highlighted a decrease in self-employment, which made up 84% of the workforce in Q1 2024, down from 86% a year earlier. This shift suggests a movement towards more formal employment, with 16% of workers earning salaries or wages, an increase from 12.7% in Q3 2023.
Gender differences were also evident in self-employment rates, with 87.9% of women working for themselves compared to 79.9% of men. Rural areas had significantly higher self-employment rates (91.9%) than urban areas (78.2%).
The NBS report offers a detailed overview of the labor market, highlighting rising unemployment rates alongside shifts in employment patterns across Nigeria.
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