The global unemployment rate reached 402 million individuals in 2024.

In 2024, the global unemployment figure reached 402 million. This was revealed by the International Labour Organisation (ILO) in the May edition of its World Employment and Social Outlook report. The report detailed that the global ‘Jobs Gap’ accounts for the number of people who are jobless but seeking employment.

The International Labour Organisation (ILO) reported that the 402 million people without jobs in 2024 include 183 million classified as unemployed.

The analysis highlighted a significant disparity in the jobs gap for women and men in low-income countries, including Nigeria, where it reaches 22.8 percent for women and 15.3 percent for men. In contrast, high-income countries have a jobs gap of 9.7 percent for women and 7.3 percent for men.

The report also noted that 45.6 percent of working-age women globally will be employed in 2024, compared to 69.2 percent of men. Despite these challenges, the global unemployment rate is projected to decrease to 4.9 percent in 2024, down from 5 percent in 2023.

Commenting on the report, ILO Director-General Gilbert Houngbo stated:
“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.”

This development comes as Nigeria’s unemployment rate increased to 5 percent in the third quarter of 2023, up from 4.2 percent in the second quarter.