Fatshimetrie, a socio-economic data research and analysis site, has just published an in-depth study on the Nigerian labor market for the first quarter of 2024. The figures revealed by this survey shed a fascinating light on the economic reality of the country.
According to Fatshimetrie data, the unemployment rate is defined as the share of the active population without a job but actively looking for work. This rate varies according to the level of education, with an unemployment rate of 2.0% among individuals with a postgraduate degree, while it reaches 9.0% for those with a higher education degree, 6.9% for those who have completed secondary education and 4.0% for those with a primary education level.
The statistics also show a change in the unemployment rate for young people aged 15 to 24, which in the first quarter of 2024 stands at 8.4%, down 0.2% compared to the previous quarter. This decrease shows a positive trend for youth employment in the labor market.
In terms of gender distribution, the unemployment rate stands at 4.3% for men and 6.2% for women in the first quarter of 2024. In addition, the gap between urban and rural areas is interesting, with an unemployment rate of 6.0% in urban areas compared to 4.3% in rural areas.
Fatshimetrie also reveals data on underemployment related to working time, which stands at 10.6%, down 1.7% compared to the previous quarter. This figure represents the share of employed people working less than 40 hours per week but wishing to work more.
The analysis highlights a decline in the participation of the active population in the labor market, from 79.5% to 77.3% between the third quarter of 2023 and the first quarter of 2024. This decrease mainly concerns men whose participation rate stands at 77.5% compared to 77.1% for women.
Furthermore, the employment-population ratio, representing the proportion of the working-age population employed, shows a decline of 2.4% to 73.2% in the first quarter of 2024. This translates into a different dynamic between urban (69.5%) and rural (78.9%) areas.
Finally, Fatshimetrie highlights an increase of 3.3 percentage points in the number of salaried workers, from 12.7% to 16.0% between the third quarter of 2023 and the first quarter of 2024. This evolution highlights significant variations between genders and geographical areas.
In conclusion, the data provided by Fatshimetrie offers valuable insights into the labor market in Nigeria for the first quarter of 2024These figures paint a complex picture of the country’s economic situation and highlight the importance of policies aimed at creating balanced and equitable employment opportunities for the entire population.