Nigeria’s unemployment charge elevated to five.3% in Q1 2024, says NBS

The Nationwide Bureau of Statistics (NBS) says Nigeria’s unemployment charge elevated to five.3 % within the first quarter (Q1) of 2024.

In a report on Tuesday, NBS mentioned the unemployment charge elevated in comparison with the 5 % recorded in Q3 2023.

NBS outlined the unemployment charge because the share of the labour pressure (the mixture of unemployed and employed folks) who usually are not employed however actively looking out and can be found for work.

“The unemployment charge for Q1 2024 was 5.3%, exhibiting a rise from 5.0% recorded in Q3 2023,” NBS mentioned.

“The unemployment charge amongst males was 4.3% and 6.2% amongst females.

“By place of residence, the unemployment charge was 6.0% in city areas and 4.3% in rural areas for Q1 2024.”

For youth, the unemployment charge dropped to eight.4 % in Q1 2024, down from 8.6 % in Q3 2023.

The bureau’s report signifies that unemployment by academic attainment in Q1 2024 was 2.0 % amongst people with postgraduate training, 9.0 % for post-secondary training, 6.9 % for secondary training, and 4.0 % for people with solely major training.

EMPLOYMENT RATE DROPS TO 73.2%

Based on the report, Nigeria’s employment-to-population ratio, a key workforce participation measure, declined within the first quarter of 2024.

The ratio, which represents the share of the employed working-age inhabitants, fell to 73.2 %, a drop from the 75.6 % recorded within the third quarter of 2023.

“In Q1 2024, 73.2% of Nigeria’s working-age inhabitants was employed, down from 75.6% in Q3 2023,” NBS mentioned.

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

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

“This can be a lower within the ratio in comparison with the 71.1% and 80.7% in Q3 2023, respectively.”

SELF-EMPLOYMENT DROPS TO 84%

The report additional reveals that Nigeria’s labour market noticed a notable shift because the proportion of self-employed people continues to say no.

In Q1 2024, self-employment accounted for 84 % of the workforce, down from 86 % in the identical interval the earlier yr.

This marks a gradual transition from self-employment to extra formal employment alternatives.

Based on the NBS, employment is split into two classes: staff and the self-employed.

Self-employed employees are people engaged on their very own account, usually with household help, and with out participating steady staff.

However, staff are these receiving salaries or wages, together with paid apprentices.

“The proportion of individuals in self-employment declined from 86% in Q1 2023 to 84% in Q1 2024,” the bureau mentioned.

“Survey findings reveal a rise within the share of employed individuals primarily engaged as staff between Q1 2024 (16.0%) and Q3 2023(12.7%).

“The self-employment charge amongst females was 87.9% whereas males was 79.9%.”

NBS report on disaggregation by place of residence confirmed the speed of self-employed individuals in rural areas was 91.9 % and 78.2 % in city areas.