The National Bureau of Statistics’ (NBS) latest Labour Force survey shows that Nigeria’s unemployment rate stands at 26.8%.

This figure represents a significant portion of the working-age population.

Conversely, the data reveals that 73.2% of the working-age population is employed, marking a decline from 75.6% in the third quarter of 2023. This downward trend raises concerns about the country’s labour market.

According to the NBS, employment-to-population ratio measures the number of employed individuals against the total working-age population.

The latest figures highlight the dire economic situation in Nigeria, where widespread business closures, particularly among small enterprises, have exacerbated economic hardship.

Nigeria’s latest employment figures reveal a concerning trend – the proportion of self-employed individuals, primarily business owners, has dropped from 86% in Q3 2023 to 84% in Q1 2024, according to the NBS.

This decline is particularly alarming, considering small businesses account for 86% of the country’s workforce. The Association of Small Business Owners of Nigeria reports that approximately 8 million small businesses have shut down in the past 18 months, with many owners facing immense pressure, hospitalisation, or even death.

This trend underscores the urgent need for economic revitalisation and support for struggling entrepreneurs.

The government’s policies, including the hike in fuel prices and devaluation of the naira, have exacerbated economic hardship for residents.

Despite assurances from the government to address these challenges, the reality on the ground tells a different story. The country’s inflation rate has surged an unprecedented level with food prices increasing significantly.

Experts have urged the government to implement policies that support small businesses, such as income support programmes, to cushion the effects of these challenges.