As Nigerians continue to lament over economic hardship, the National Bureau of Statistics, said that the country’s unemployment rate has jumped to 5.3 percent in the first quarter (Q1) of 2024.
It was gathered that NBA, in a report released to the public on Tuesday, disclosed that the joblessness rate increased compared to the 5 percent recorded in Q3 2023.
A breakdown by gender also revealed that unemployment among men stood at 4.3%, while for women, it was notably higher at 6.2%.
In terms of location, urban unemployment reached 6.0%, while rural areas experienced a lower rate of 4.3% during the same period.
The report reads: “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.
“By place of residence, the unemployment rate was 6.0% in urban areas and 4.3% in rural areas for Q1 2024.
READ MORE: Hardship: Inflation Dropped To 32.15% In August 2024 – NBS
“In Q1 2024, 73.2% of Nigeria’s working-age population was employed, down from 75.6% in Q3 2023,” NBS said.
“Disaggregating by sex, the employment-to-population ratio was 74.2% for males and 72.3% for females in Q1 2024.
“Additionally, the employment-to-population ratio in urban areas was 69.5% and 78.9% in rural areas in Q1 2024.
“This is a decrease in the ratio compared to the 71.1% and 80.7% in Q3 2023, respectively.”
INFORMATION NIGERIA reports that many local and foreign companies have closed down, while some reduced the numbers of their workers, due to President Bola Tinubu’s economic policies.
