This is an increase from the 5% recorded in Q3, 2023 and highest since 5.3% was recorded in the fourth quarter of 2022.
The data released by the National Bureau of Statistics (NBS) has shown that a higher percentage of Nigerians are now without a job.
According to the Labour force statistics released by the NBS, as of the first quarter of 2024, unemployment rate stood at 5.3%.
This is an increase from the 5% recorded in Q3, 2023 and highest since 5.3% was recorded in the fourth quarter of 2022.
In the first quarter of 2023, the unemployment rate stood at 4.1%, while that of the second quarter was 4.2%.
Nigeria has been battling with food inflation and general inflation that has been stated as leading to shutdown of many businesses and making survival difficult for many Nigerians.
The National President of the Association of Small Business Owners of Nigeria (ASBON), Mr Femi Egbesola, had lamented the impact of the economic policies under the administration of former President Muhammadu Buhari and the current administration of President Bola Tinubu on small businesses.
During an exclusive interview with media on Friday, he made the startling revelation that approximately twenty percent of businesses within the country were compelled to stop operations from January 2023 and June 2024, attributing this alarming trend to the economic policies implemented by the administrations.
“We have had cases where businesses shut down. We have around 40 million small businesses in the country and with 20% already shut, it would mean that we have about 8 million businesses shut.
He also revealed that many business owners lost their lives after shutting their businesses.
“Many persons have died from shutting their businesses; some could not fulfil their loan obligations, so they died from the pressure. Others are in the hospital as of now,” he noted.
He urged the government to declare a state of emergency on the economy.
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