The Rate Of Unemployment In Nigeria Hit 402M In 2024

 

The rate of unemployed citizen in Nigeria hit 402 million globally in 2024.

The International Labour Organization, ILO, disclosed this in the May edition of its World Employment and Social Outlook report.

The report explained that the global ‘Jobs Gap’ measures the number of persons without a job but want one.

 ILO said the 402 million figure of people without jobs includes 183 million people who are counted as unemployed.

Further analysis showed that the jobs gap for women in low-income countries, including Nigeria, reaches a striking 22.8 per cent and 15.3 per cent for men. Meanwhile, this contrasts with high-income countries, where the rate is 9.7 per cent for women and 7.3 per cent for men.

The report added that globally 45.6 per cent of working-age women will be employed in 2024, compared to 69.2 per cent of men.

However, the report predicts that the global unemployment rate will drop to 4.9 per cent from 5 percent in 2023.

In his comment on the report, ILO Director-General, Gilbert Houngbo said:
“Today’s report reveals critical employment challenges that we must still address. Despite our efforts to reduce global inequalities, the labor market remains an uneven playing field, especially for women.

“To achieve a sustainable recovery whose benefits are shared by all, we must work towards inclusive policies that take into consideration the needs of all workers. We must place inclusion and social justice at the core of our policies and institutions. Unless we do we will fall short of our objective to ensure strong and inclusive development.”

The development comes as Nigeria’s unemployment rate rose to 5 per cent in the third quarter of 2023 from 4.2 per cent in Q2.