The National Bureau of Statistics (NBS) has announced a decline in Nigeria’s unemployment rate to 4.3% for the second quarter (Q2) of 2024.
According to the Labour Force report released on Monday, this marked an improvement from the 5.3% recorded in the first quarter (Q1) of 2024. continuing the recovery from 5.0% in Q3 2023.
The Labor Force Participation Rate also rose to 79.5%, up from 77.3% in the previous quarter, reflecting greater workforce engagement.
Self-employment remains the dominant form of employment, accounting for 85.6% of total jobs, while informal employment slightly increased to 93.0%. Urban unemployment decreased to 5.2%, and rural areas saw a significantly lower rate of 2.8%.
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Youth unemployment fell to 6.5% from 8.4% in Q1, while gender disparities persist, with female unemployment at 5.1% compared to 3.4% for males. The report also highlighted a reduction in time-related underemployment and improvements in labor underutilization metrics.
The unemployment rate is defined as the percentage of the labor force—those employed or actively seeking employment—that is unemployed but available for work.
This decrease reflects positive movement in the country’s labor market.
By: Babajide Okeowo
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