A National Bureau of Statistics (NBS) survey for the first quarter of 2024 has indicated that Nigeria’s unemployment rate in the first quarter of 2024 rose to 5.3 percent, a 0.3 percent points increase from 5.0 percent in the third quarter of 2023.
According to the report, released on Tuesday, the unemployment rate for males stood at 4.3 percent, while females experienced a higher rate of 6.2 percent.
The NBS defines underemployment as those who work less than 40 hours a week and are willing to work more.
In terms of location, urban areas recorded a 6.0 percent unemployment rate, compared to 4.3 percent in rural areas.
Also, 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 faced 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.
The report further indicated that In the first quarter of 2024, Nigeria’s labour 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.
In terms of employment-to-population ratio 73.2 percent of Nigeria’s working-age population was employed, a decline from 75.6 percent in Q3 2023.
By gender, the employment-to-population ratio was 74.2 percent for males and 72.3 percent for females. Regionally, the urban employment rate was 69.5 percent, while rural areas had a higher rate at 78.9 percent, both lower than the 71.1 percent and 80.7 percent recorded in Q3 2023, respectively.
Additionally, the proportion of individuals in self-employment decreased from 86 percent in Q1 2023 to 84 percent in Q1 2024. Survey results show a rise in the share of employed persons working as employees, increasing from 12.7 percent in Q3 2023 to 16.0 percent in Q1 2024.
Among females, the self-employment rate was 87.9 percent, while for males it was 79.9 percent. In rural areas, the self-employment rate was 91.9 percent, compared to 78.2 percent in urban areas.
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.
Among men, the underemployment rate was 8.5 percent, while for women it stood at 12.5 percent. By location, urban areas recorded an underemployment rate of 9.7 percent, compared to 11. percent in rural areas.
Furthermore, the report noted that more youths are getting discouraged from seeking employment as the figure in this category rose from 3.1 percent in Q3, 2023 to 3.6 percent in the quarter under review.
The rate of discouraged job seekers was 3.4 percent for males and 3.8 percent for females in Q1 2024.
