The number of unemployed individuals globally has reached 402 million in 2024.
This information was disclosed by the International Labour Organisation (ILO) in the May edition of its World Employment and Social Outlook report.
The report clarifies that the global ‘Jobs Gap’ measures those who are jobless but desire employment.
The ILO stated that the 402 million figure includes 183 million people classified as unemployed.
Further analysis revealed that the jobs gap for women in low-income countries, including Nigeria, is a notable 22.8 percent, compared to 15.3 percent for men. In high-income countries, the rate is 9.7 percent for women and 7.3 percent for men.
The report also noted that globally, 45.6 percent of working-age women will be employed in 2024, in contrast to 69.2 percent of men.
However, it predicts that the global unemployment rate will decrease to 4.9 percent from 5 percent in 2023.
Commenting on the report, ILO Director-General Gilbert Houngbo said:
“Today’s report highlights significant employment challenges that remain unaddressed. Despite efforts to reduce global inequalities, the labor market continues to be uneven, especially for women.
“To achieve sustainable recovery that benefits everyone, we must implement inclusive policies considering the needs of all workers. Inclusion and social justice must be central to our policies and institutions. Failing to do so will hinder our goal of ensuring strong and inclusive development.”
This development coincides with Nigeria’s unemployment rate rising to 5 percent in the third quarter of 2023 from 4.2 percent in the second quarter.