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Nigeria’s Unemployment Rate Rises To 5.3% In Q1

by Mark Itsibor
9 months ago
in Business
Nigeria's Unemployment Rate Rises
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Nigeria’s unemployment rate increased to 5.3% in Q1 2024, from 5% in Q3 2023, the National Bureau of Statistics (NBS) has said in a recent data.

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By place of residence, the rate was 6% in urban areas and 4.3% in rural areas for Q1 2024.

The unemployment rate among youth aged between 15-24 years was 8.4% in Q1 2024, a decrease of 0.2% compared to Q3 2023 (8.6%).

The percentage of youth not in education, employment, or training (NEET rate) was 14.4% in Q1 2024, according to the statistics bureau, showing a 0.7 percentage point increase from 13.7% in Q3 2023. The results also showed a higher NEET rate among females at 15.9%, compared to 13.0% for males in Q3 2023.

Nationally, 1.5% of employed Nigerians spent between 1-9 hours in a week, 4.8% spent between 10-19 hours in a week, approximately 25% worked between 20-39 hours, 22% between 40-48 hours, and the 46% worked 48hours and above in a week.

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Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

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