NBS Reports Nigeria’s Unemployment Rate Falls to 4.3% in Q2 2024

The National Bureau of Statistics (NBS) has announced that Nigeria’s unemployment rate dropped to 4.3% in the second quarter (Q2) of 2024, down from 5.3% in the first quarter (Q1) of the same year. This figure reflects the percentage of the labor force actively looking for work.

The report revealed that unemployment rates differed by gender, with males experiencing a rate of 3.4%, while females faced a higher rate of 5.1%. The unemployment rate was higher in urban areas at 5.2%, compared to 2.8% in rural areas. Additionally, youth unemployment decreased from 8.4% in Q1 to 6.5% in Q2 2024.

The data also provided insights based on education levels. The unemployment rate was 4.8% for those with post-secondary education, 8.5% for individuals with upper secondary education, 5.8% for those with lower secondary education, and 2.8% for those with only primary education.

In terms of employment-to-population ratio, which represents the proportion of employed individuals in the working-age population, there was an increase to 76.1% in Q2 2024, up from 73.1% in Q1. The ratio was higher for males (77.2%) compared to females (75%), and urban areas recorded a ratio of 73.2%, while rural areas had a higher rate of 80.8%.

One of the most notable trends in the labor market was a rise in self-employment. In Q2 2024, 85.6% of Nigeria’s working population was engaged in self-employment. The rate was particularly high among females, with 88.3% of women in self-employment compared to 82.2% of men. In terms of geography, rural areas had a much higher self-employment rate (94.3%) compared to urban areas (79.7%).

These findings suggest a significant shift in Nigeria’s labor market, with more people, particularly in rural areas, moving toward self-employment and independent work opportunities.

Source:Nationaleconomy