The National Bureau of Statistics (NBS) reported Nigeria’s unemployment rate increased to 5.3% in Q1 2024, up from 5.0% in Q3 2023. The report indicated gender and location disparities: men’s unemployment was 4.3%, women’s 6.2%; urban areas had 6.0%, rural areas 4.3%. Youth unemployment slightly declined from 8.6% to 8.4%.
The employment-to-population ratio decreased to 73.2% in Q1 2024 from 75.6% in Q3 2023, with 74.2% of men and 72.3% of women employed. Urban areas had a ratio of 69.5%, rural areas 78.9%, down from 71.1% and 80.7% respectively.
A shift from self-employment to formal employment was noted, with self-employment reducing to 84% in Q1 2024 from 86% the previous year. The formal employment share increased to 16% from 12.7%. Gender disparities in self-employment showed 87.9% of women and 79.9% of men were self-employed. Rural areas had a higher self-employment rate (91.9%) compared to urban areas (78.2%).
In summary, the NBS report highlights rising unemployment, changing employment structures, and persistent gender and location disparities in Nigeria’s labor market in Q1 2024.
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