Nigeria’s unemployment rate increased to 5.3% in the first quarter of 2024, up from 4.1% during the same period in 2023, according to the latest Labour Force Survey Report by the National Bureau of Statistics (NBS). The report also noted that urban areas saw higher unemployment rates (6.0%) compared to rural areas (4.3%), with women facing greater unemployment (6.2%) than men (4.3%).
Youth unemployment slightly improved, dropping to 8.4% in Q1 2024 from 8.6% in Q3 2023. Educational qualifications played a significant role, with post-graduate degree holders facing only a 2.0% unemployment rate, while those with post-secondary education recorded a much higher 9.0%. Underemployment also saw a decline, falling to 10.9% in Q1 2024, from 12.2% in the previous year.
The report highlighted a drop in self-employment figures, down to 84% in Q1 2024 compared to 86% in Q1 2023. However, more Nigerians found work as employees, with the share of employed individuals in salaried jobs rising to 16.0%. Self-employment remained more prevalent in rural areas and among women, who had a significantly higher rate of 87.9% compared to men’s 79.9%.