Nigeria Unemployment Rate drops to 4.3% in Q2 2024 — NBS

The unemployment rate in Nigeria slowed to 4.3 per cent in the second quarter (Q2) of 2024 from 5.3 per cent recorded in the first quarter (Q1) of 2024.
The National Bureau of Statistics (NBS), which released the report on Monday in its Nigeria Labour Force Survey Q2 2024, disclosed that the unemployment rate stood at 5.2 per cent in urban areas and 2.8 per cent in rural regions.
It stated that the labour force participation rate in Nigeria rose to 79.5 per cent in Q2 2024.
The NBS said, “The labour force participation rate among the working-age population increased to 79.5 per cent in Q2 2024 from 77.3 per cent in Q1 2024.
“The participation rates between males and females are nearly the same, with males at 79.9.5 per cent and females at 79.1 per cent. This minimal difference suggests a balanced level of engagement across genders, indicating that gender is not a significant factor in labour participation.
“The employment-to-population ratio was 76.1 percent in Q2 2024. This is an increase of 2.9 percentage points compared to 73.2 in Q1 2024. Year-on-year comparison shows a slight decrease from Q2 2023 at 77.1 per cent.
“The combined unemployment rate and time-related underemployment as a share of the labour force population (LU2) decreased to 13 per cent in Q2 2024 from 15.3 per cent in Q1 2023.
“Informal employment remains high at 93 per cent. The unemployment rate in Q2 was 4.3 per cent.
“The unemployment rate among persons with secondary education was 7.6 percent in Q2 2024.
The unemployment rate among youth aged 15-24 years was 6.5 percent in Q2 2024.
“The unemployment rate in urban areas was 5.2 percent in Q2 2024; this is significantly higher compared to 2.8 percent in rural areas.

source: tribuneonline.com

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