Nigeria’s unemployment fee drops to 4.3% in Q2 2024, down from 5.3% in Q1 – NBS 

The unemployment fee in Nigeria decreased to 4.3% within the second quarter of 2024, reflecting a 1 proportion level drop from the 5.3% recorded in Q1 2024.

Nevertheless, on a year-on-year foundation, the speed elevated barely by 0.1 proportion level in comparison with the identical interval in 2023.

The unemployment fee measures the proportion of the labour pressure that isn’t employed however actively looking for and out there to work.

This quarter-on-quarter decline signifies improved labour market situations, showcasing progress in employment creation regardless of broader financial challenges.

The information was sourced from the Nigeria Labour Power Survey (NLFS) for Q2 2024, launched by the Nationwide Bureau of Statistics (NBS).

By place of residence, unemployment in city areas was 5.2%, considerably increased than the two.8% recorded in rural areas. The NBS report additional famous that youth unemployment, protecting people aged 15 to 24, declined to six.5% in Q2 2024 from 8.4% in Q1 2024, indicating some progress in job creation for youthful demographics.

Unemployment primarily based on academic attainment confirmed notable variations. The speed was highest amongst people with higher secondary training at 8.5%, adopted by these with decrease secondary training at 5.8%. Individuals with post-secondary training recorded a decrease unemployment fee of 4.8%, whereas the bottom fee of two.8% was noticed amongst people with solely main training.

Extra perception  

The Nationwide Bureau of Statistics (NBS) report additionally highlighted the labour pressure participation fee, employment-to-population ratio, and employment standing in Nigeria for Q2 2024.

• The labour pressure participation fee stood at 79.5%, with rural areas recording 83.2% in comparison with 77.2% in city areas. Minimal gender disparities had been famous, with males at 79.9% and females at 79.1%, reflecting regular engagement throughout demographics.

• The employment-to-population ratio elevated to 76.1% in Q2 2024 from 73.1% in Q1 2024, with rural areas outperforming city areas at 80.8% and 73.2%, respectively. Males recorded 77.2%, whereas females stood at 75%, demonstrating progress in workforce inclusion.

• Self-employment remained dominant, accounting for 85.6% of all employed individuals, up from 84% in Q1 2023. Rural areas led with 94.3%, in comparison with 79.7% in city areas. Feminine self-employment was 88.3%, increased than the 82.2% recorded for males.

• The share of staff declined to 14.4%, reflecting continued reliance on self-employment as the first type of work in Nigeria.

These findings spotlight the dominance of self-employment in Nigeria’s labour market and spotlight the regular enchancment in employment charges throughout the nation’s various demographics and areas.