Nigeria’s unemployment rate rose to 5.3% in Q1

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Nigeria’s unemployment rate has 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.

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 report also highlighted that time-related underemployment, which measures the proportion of workers available for additional work hours, decreased to 10.6 per cent in Q1 2024 from 12.3 per cent in Q3 2023.

Written by: bossgmsi

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