In Q1 2024, Nigeria’s unemployment rate increased to 5.3%, up from 5.0% in Q3 2023.
This is according to a National Bureau of Statistics (NBS) report.
Urban areas recorded a higher unemployment rate of 6.0%, while rural areas stood at 4.3%.
The labour force participation rate also declined from 79.5% in Q3 2023 to 77.3% in Q1 2024, with the employment-to-population ratio dropping to 73.2%, compared to 75.6% in the previous quarter.
Wage employment rose to 16.0% in Q1 2024, up from 12.7% in Q3 2023, with males accounting for 20.1% and females 12.1%. Urban areas had a significantly higher wage employment rate (21.8%) than rural areas (8.1%). L
The unemployment rate among youth aged 15-24 dropped slightly to 8.4%, from 8.6% in Q3 2023.
Regarding working hours, 1.5% of employed Nigerians worked between 1-9 hours per week, 4.8% worked 10-19 hours, 25% worked 20-39 hours, 22% worked 40-48 hours, and 46% worked over 48 hours weekly.
Earlier, it was reported that over 4 million Nigerians are unemployed.
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