Nigeria’s labour market experienced a notable shift in the first quarter of 2024, as the country’s unemployment rate rose to 5.3%. This latest figure, released by the National Bureau of Statistics, highlights the ongoing challenges facing Africa’s largest economy.

Nigeria’s unemployment rate grew by 1.2  percentage points to 5.3% year on year (YOY) in the first quarter of 2024 (Q1’24) from 4.1% in Q1’23.

The National Bureau of Statistics (NBS) disclosed this today in its Nigeria Labour Force Survey Report.

The bureau said: “The unemployment rate for Q1 2024 was 5.3%, showing an increase from 5.0% recorded in Q3 2023. “The unemployment rate among males was 4.3% and 6.2% among females. By place of residence, the unemployment rate was 6.0% in urban areas and 4.3% in rural areas for Q1 2024.

“Looking at the youth, the youth unemployment rate was 8.4% in Q1 2024, showing a decrease from 8.6% in Q3 2023.

“Unemployment based on educational attainment shows that the unemployment rate among persons with post-graduate education was 2.0%, 9.0% among those with post-secondary education, 6.9% for those with secondary education, and 4.0% among those with primary education in Q1 2024.”

The survey also showed that the share of underemployed Nigerians declined 10.9 percent in Q1’24 from 12.2 percent in Q1’23.

According to NBS, underemployment is the share of the employed population who work less than 40 hours per week but are willing and available to be engaged for additional work hours.

It stated: “ In Q1’24, the share of underemployed Nigerians was 10.9%, a decline of 1.4 percentage points from the 12.3 percent recorded in Q3 2023.

“The share of the underemployed men was 8.5% , while the underemployment rate among women was 12.5% for Q1 2024. Disaggregating by place of residence, the underemployment rate in urban areas was 9.7% and 11.8% in rural areas,

On working age Nigerians,NBS said: “In Q1 2024, 73.2% of Nigeria’s working-age population was employed, down from 75.6% in Q3 2023.

“Disaggregating by  sex, the employment-to-population ratio was 74.2% for males and 72.3% for females in Q1 2024.

“Additionally, the employment-to-population ratio in urban areas was 69.5% and 78.9% in rural areas in Q1 2024.

“This is a decrease in the ratio compared to the 71.1% and 80.7% in Q3 2023, respectively.

“The proportion of persons in self-employment declined from 86% in Q1 2023 to 84% in Q1 2024. Survey findings reveal an increase in the share of employed persons primarily engaged as employees between Q1 2024 (16.0%) and Q3 2023(12.7%).

“The self-employment rate among females was 87.9% while males was 79.9%. “Disaggregation by place of residence, the rate of self-employed persons in rural areas was 91.9% and 78.2% in urban areas.”