NBS: Unemployment Rate Increased to 5.3% in Q1

James Emejo in Abuja

The country’s unemployment rate rose to 5.3 per cent in the first quarter of the year (Q1 2024) compared to 5 per cent in Q4 2023, the National Bureau of Statistics (NBS) said Tuesday.

According the Nigeria Labour Force Statistics Report, Q1 2024, the employment-to-population ratio was 73.2 per cent, a decrease of 2.4 per cent compared to 75.6 per cent in the preceding quarter.

The ratio in urban areas was 69.5 per cent and 78.9 per cent in rural areas compared to compared to 71.1 per cent and 80.7 per cent respectively in the preceding quarter.

The proportion of workers in wage employment rose to 16.0 per cent in Q1 2024, indicating 3.3 per cent increase from 12.7 per cent in the preceding quarter.

According to the statistical agency, 20.1 per cent of males were in wage employment, compared to 12.1 per cent of females. Wage employment was also higher in urban areas at 21.8 per cent compared to 8.1 per cent in rural areas.

Details later…