Nigeria’s unemployment rate increased by 1.2 percentage points year-on-year, rising from 4.1% in the first quarter of 2023 to 5.3% in the first quarter of 2024, according to the latest *Nigeria Labour Force Survey Report* released by the National Bureau of Statistics (NBS).
The report, published today, highlights the growing challenge of unemployment in the country as the labor market struggles to absorb a growing number of job seekers. Despite the rise in unemployment, there was some positive news, as the rate of underemployment — which measures those working fewer hours than they would prefer or in jobs that do not fully utilize their skills — decreased. The underemployment rate dropped to 10.9% in Q1 2024, compared to 12.2% in the same period the previous year.
The NBS report indicates that while more Nigerians are facing challenges in finding full-time employment, there has been an improvement in the quality and availability of part-time or informal work. This mixed trend reflects both the ongoing economic difficulties and the resilience of certain sectors in absorbing labor.
The report underscores the need for stronger government policies aimed at job creation and addressing the structural issues affecting Nigeria’s labor market, particularly in sectors where unemployment and underemployment remain high.
With a growing population and a youthful workforce, Nigeria continues to face pressure to create sustainable employment opportunities that meet the needs of its citizens. The NBS report will likely intensify calls for further reforms to stimulate job growth and improve labor market outcomes.
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