Nigeria’s Unemployment Rate Grow to 5.3%

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The unemployment rate in Nigeria grew to 5.3% in the first quarter of 2024, up from 4.1% in the same period in 2023.

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This information comes from the Labour Force Survey Report published by the National Bureau of Statistics (NBS).

The report also shows that the unemployment rate increased from 5.0% in Q3 2023 to 5.3% in Q1 2024.

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A breakdown by gender revealed that unemployment among men stood at 4.3%, while for women, it was notably higher at 6.2%.

In terms of location, urban unemployment reached 6.0%, while rural areas experienced a lower rate of 4.3% during the same period.

The report also provided insights into youth unemployment, noting that the rate for young Nigerians dropped slightly to 8.4% in Q1 2024 from 8.6% in Q3 2023.

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When examined by educational qualifications, unemployment rates varied: individuals with post-graduate degrees had a relatively low rate of 2.0%, those with post-secondary education faced a higher rate at 9.0%, secondary school graduates saw a rate of 6.9%, and those with only primary education had an unemployment rate of 4.0%.

In terms of underemployment, the report showed a decline. Underemployment refers to individuals working fewer than 40 hours a week but willing and able to work additional hours.

The underemployment rate dropped to 10.9% in Q1 2024, down from 12.2% in Q1 2023. The gender breakdown for underemployment showed that 8.5% of men and 12.5% of women were affected. By residence, the underemployment rate was 9.7% in urban areas and 11.8% in rural areas.

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Looking at employment figures for working-age Nigerians, the NBS noted that 73.2% of the country’s working-age population was employed in Q1 2024, a slight decline from 75.6% in Q3 2023.

The employment-to-population ratio, which measures the percentage of the working-age population that is employed, stood at 74.2% for men and 72.3% for women. The report also highlighted that the ratio was lower in urban areas (69.5%) compared to rural areas (78.9%).

Additionally, self-employment figures showed a slight decline, with 84% of Nigerians engaged in self-employment in Q1 2024, down from 86% in Q1 2023. However, the proportion of employed individuals working primarily as employees rose to 16.0% in Q1 2024, up from 12.7% in Q3 2023.

Self-employment remained more common among women (87.9%) compared to men (79.9%), and was particularly high in rural areas (91.9%) compared to urban regions (78.2%).

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