Nigeria’s unemployment rate has risen to 5.3% in Q1 2024, a slight increase from 5.0% in Q3 2023, according to the National Bureau of Statistics (NBS).
The NBS defines unemployment rate as the share of the labor force that is not employed but is actively searching and available for work.
In terms of educational attainment, the report shows that the unemployment rate among persons with post-graduate education was 2.0% in Q1 2024, while those with post-secondary education had an unemployment rate of 9.0%, secondary education had an unemployment rate of 6.9%, and primary education had an unemployment rate of 4.0%.
The unemployment rate among youth aged 15-24 years was 8.4% in Q1 2024, a decrease of 0.2% compared to Q3 2023.
The report also shows that the unemployment rate among males was 4.3%, while females had an unemployment rate of 6.2% in Q1 2024.
In terms of location, the unemployment rate was 6.0% in urban areas and 4.3% in rural areas in Q1 2024.
Additionally, the NBS reports that time-related underemployment in Q1 2024 was 10.6%, indicating a decrease of 1.7% from Q3 2023.
Time-related underemployment refers to the share of employed people who work less than 40 hours per week but are willing and available to work more. These statistics provide valuable insights into Nigeria’s labor market.
