Nigeria’s Unemployment Hits 5.3 Per Cent In Q1 2024, NBS Report Shows

Nigeria’s unemployment rate has increased to 5.3 per cent in the first quarter of 2024, a rise from 5 per cent in the third quarter of 2023, according to a latest report by the National Bureau of Statistics (NBS).

The 2023 Annual and Q1 2024 Nigeria Labour Force Survey (NLFS) results, published Tuesday showed that the unemployment rate was higher in urban areas, reaching 6 per cent, compared to 4.3 per cent in rural regions.

In 2023, the unemployment rate averaged 5.4 per cent, with states showing varied levels of unemployment. Abia had the highest rate at 18.7 per cent, while Nasarawa had the lowest at just 0.5 per cent.

Nigeria’s working-age population in 2023 stood at 116.6 million people, with a labour force participation rate of 76.3 per cent. However, the labour force participation rate among the working-age population dropped to 77.3 per cent in Q1 of 2024, down from 79.5 per cent in Q3 of 2023.

The employed population also decreased, with 73.2 per cent of people working in Q1 2024, compared to 75.6 per cent in Q3 2023. Rural areas continued to have stronger employment rates compared to urban centres.

The report also noted that the unemployment rate among people aged 15-24 years slightly decreased to 8.4 per cent in Q1 2024 from 8.6 per cent in Q3 2023. Also, the percentage of people who were not in education, employment, or training (NEET) rose to 14.4 per cent in Q1 2024, up from 13.7 per cent in the previous quarter.

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