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Research Document: NESG 2024 Q1 UNEMPLOYMENT ALERT


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Posted Mon, Sep 30, 2024 11:22 AM

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The unemployment rate stood at 5.3 percent in the first quarter of 2024, representing a third consecutive increase since the second quarter of 2023. However, the underemployment rate fell from 12.3 percent in 2023 Q3 to 10.6 percent in 2024 Q1. As expected, the unemployment rate was higher in urban centres than in rural settlements. Consequently, Nigeria’s misery index - the sum of unemployment and inflation rates - rose to 36.9 percent in 2024Q1 from 30.5 percent in 2023Q3. Nigeria has one of the world's highest misery indexes, with many Nigerians experiencing a cost of living crisis and weak purchasing power due to rising inflation.

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All text, graphics, audio files, code, downloadable material, and other works on this web site are the copyrighted works of the Nigerian Economic Summit Group (NESG).