The National Bureau of Statistics (NBS) has reported an increase in Nigeria's unemployment rate to 5.3% in the first quarter (Q1) of 2024, up from 5.0% recorded in the third quarter (Q3) of 2023.
While the overall unemployment rate increased, the report noted a slight decline in youth unemployment, which dropped from 8.6% in Q3 2023 to 8.4% in Q1 2024.
The NBS also highlighted a decrease in Nigeria’s employment-to-population ratio, which fell to 73.2% in Q1 2024, down from 75.6% in Q3 2023. This ratio measures the percentage of the working-age population that is employed. The data showed that 74.2% of men and 72.3% of women were employed in Q1 2024.
The employment-to-population ratio in urban areas was 69.5%, while rural areas recorded a higher ratio of 78.9%. This represents a slight drop from the 71.1% and 80.7% recorded in Q3 2023 for urban and rural areas, respectively.
The NBS report revealed a continuing shift in Nigeria’s labor market, with a gradual decline in self-employment. In Q1 2024, self-employed individuals made up 84% of the workforce, down from 86% in the same period the previous year. The report indicated that this shift marks a transition from self-employment to more formal employment opportunities, with the share of employed persons receiving salaries or wages rising to 16% in Q1 2024, up from 12.7% in Q3 2023.
Gender disparities were also evident in self-employment rates, with 87.9% of women engaged in self-employment compared to 79.9% of men. Additionally, the self-employment rate was significantly higher in rural areas (91.9%) than in urban areas (78.2%).
The NBS report provides a comprehensive look at Nigeria's labor market in Q1 2024, shedding light on both unemployment trends and shifts in the structure of employment.
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