Unemployment Rate Rose To 5.3% In Q1’24 – NBS

The National Bureau of Statistics (NBS) on Tuesday said Nigeria’s unemployment rate increased to 5.3 per cent in the first quarter (Q1) of 2024.

According to a report, the NBS said the unemployment rate increased compared to the 5 per cent recorded in Q3 2023.

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“The unemployment rate for Q1 2024 was 5.3%, showing an increase from 5.0% recorded in Q3 2023. The unemployment rate among males was 4.3% and 6.2% among females,” NBS said.

“By place of residence, the unemployment rate was 6.0% in urban areas and 4.3% in rural areas for Q1 2024.”

To the agency, the unemployment rate is the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.

For youth, the unemployment rate dropped to 8.4 per cent in Q1 2024, down from 8.6 per cent in Q3 2023.

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The bureau’s report indicates that unemployment by educational attainment in Q1 2024 was 2.0 per cent among individuals with postgraduate education, 9.0 per cent for post-secondary education, 6.9 per cent for secondary education, and 4.0 per cent for individuals with only primary education.

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