Nigeria’s unemployment rate increased to 5.3% in the first quarter of 2024, up from 5.0% in the third quarter of 2023, according to the latest report from the National Bureau of Statistics (NBS) released on Tuesday.
The unemployment rate represents the percentage of the labour force that is actively searching for and available to work but remains unemployed.
In Q1 2024, the 5.3% rate reflected a slight uptick compared to Q3 2023. There was no report for the last quarter of 2023.
A breakdown by gender shows that unemployment among males stood at 4.3%, while females experienced a higher rate of 6.2%. In terms of location, urban areas recorded a 6.0% unemployment rate, compared to 4.3% in rural areas.
Among Nigerian youth, the unemployment rate declined slightly, reaching 8.4% in Q1 2024, down from 8.6% in Q3 2023.
The report also highlighted unemployment based on educational attainment, with the rate standing at 2.0% for those with post-graduate education, 9.0% for individuals with post-secondary education, 6.9% for those with secondary education, and 4.0% for people with primary education.
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The NBS says it now utilizes a so-called “enhanced methodology” to calculate unemployment rates, which has significantly adjusted prior figures and suggests that more Nigerians are employed than previously thought.
The new methodology was first implemented in 2023 when the NBS resumed reporting unemployment rates, after a hiatus since 2020.
The previous unemployment figure for Q4 2020 stood at 33.3%. However, with the new calculation method, the unemployment rate dramatically fell to 5.3% by Q4 2022.
The NBS emphasizes that this updated methodology provides a clearer and more accurate picture of the nation’s labour market.
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