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Nigeria’s unemployment rate increases to 5.3% in Q1 2024, says NBS
The National Bureau of Statistics (NBS) has disclosed that Nigeria’s unemployment rate increased to 5.3 percent in the first quarter (Q1) of 2024.
In a report titled “Nigeria Labour Force Survey (NLFS) on Tuesday, NBS said the unemployment rate increased by .3% when compared to the 5 percent recorded in Q3 2023.
The labour force participation rate among the working-age population declined to 77.3% in Q1 2024 from 79.5% in Q3 2023 while the employment-to-population ratio was 73.2% in Q1 2024. This represents a decrease of 2.4 percentage points compared to a ratio of 75.6 in Q3 2023.
The combined unemployment rate and time-related underemployment as a share of the labour force population (LU2) decreased to 15.3% in Q1 2024 from 17.3% in Q3 2023.
Similarly, the proportion of workers in wage employment in Q1 2024 was 16.0% amounting to a 3.3 percentage point increase from 12.7 in Q3 2023.
READ ALSO:Ganduje blames outdated education curriculum for unemployment in Nigeria
The unemployment rate among persons with post-secondary education
was 9.0% in Q1 2024,
The unemployment rate among youth aged (15-24 years) was 8.4% in Q1 2024, a decrease of 0.2% compared to Q3 2023 (8.6%).
In the area of location, the unemployment rate in urban areas was 6.0% in Q1 2024, the same in Q3 2023.
Time-related underemployment in Q1 2024 was 10.6%, showing a decrease of 1.7% from the rate of 12.3% recorded in Q3 2023.
4.5% of the working-age population was in subsistence agriculture in Q1 2024. The Percentage of Youth Not in Education, Employment or Training (NEET Rate) was 14.4%. Indicating a 0.7 percentage point increase from Q3 2023.
By: Babajide Okeowo
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