Nigeria’s unemployment rate increased marginally to 5.3 per cent in Q1 2024 from 5.0 per cent in Q3 2023, with females recording a higher unemployment rate of 6.2 per cent compared to males at 4.3 per cent.
According to the latest report from the National Bureau of Statistics on Tuesday, in urban areas, the unemployment rate remained unchanged at 6.0 per cent, while rural unemployment stood at 4.3 per cent. “The unemployment rate increased to 5.3 per cent in the first quarter of 2024 from 5.0 per cent in Q3 2023.
“The unemployment rate among males was 4.3 per cent and 6.2 per cent among females. The unemployment rate in urban areas was 6.0 per cent in Q1 2024, the same in Q3 2023,” the NBS report read.
Among youths aged 15 to 24, the unemployment rate decreased to 8.4 per cent in Q1 2024, from 8.6 per cent in Q3 2023. However, the percentage of youths not in education, employment, or training rose to 14.4 per cent, indicating growing disengagement among the youth population.
“The percentage of Youth Not in Education, Employment or Training (NEET Rate) was 14.4 per cent. Indicating a 0.7 percentage point increase from Q3 2023,” the report revealed.
