Global jobless individuals reach 402m in 2024

The report defines the ‘Jobs Gap’ as the number of individuals who are jobless yet seeking employment.

In 2024, the global count of individuals lacking employment has reached 402 million.

This was revealed by the International Labour Organisation (ILO) in the May issue of its World Employment and Social Outlook report.

The report defines the ‘Jobs Gap’ as the number of individuals who are jobless yet seeking employment.

The ILO noted that out of the 402 million people without jobs, 183 million are classified as unemployed.

The analysis further indicated that the jobs gap for women in low-income nations, Nigeria included, is a notable 22.8 per cent, with men at 15.3 per cent. In contrast, in high-income countries, the figures are 9.7 per cent for women and 7.3 per cent for men.

The report also stated that in 2024, 45.6 per cent of women of working age globally will have employment, versus 69.2 per cent of men.

Nonetheless, the report forecasts a decrease in the global unemployment rate to 4.9 per cent in 2024, down from 5 per cent in 2023.

Commenting on the report, ILO Director-General, Gilbert Houngbo remarked: "Today’s report uncovers vital employment challenges that remain to be tackled. Despite endeavors to diminish global disparities, the labor market continues to be skewed, particularly against women.

“For a sustainable recovery with widespread benefits, we need to pursue inclusive policies that consider the needs of all workers. Inclusion and social justice must be the foundation of our policies and institutions. Failing to do so means we won’t meet our goal of robust and inclusive growth.”

This comes as Nigeria’s unemployment rate increased to 5 per cent in Q3 of 2023, up from 4.2 per cent in Q2.

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