Unemployment rate falls to 4.3% in Q2 – NBS
Nigeria’s unemployment rate has dropped to 4.3% in the second quarter of 2024, down from 5.3% in the first quarter and showing a positive trend from 5.0% in Q3 2023, according to the latest report from the National Bureau of Statistics (NBS), released on Monday.
The Labor Force Participation Rate rose to 79.5%, up from 77.3% in the previous quarter, reflecting increased workforce participation.
Additionally, the Employment-to-Population Ratio improved to 76.1% in Q2 2024, compared to 73.2% in Q1 2024, indicating a broader trend of gainful employment growth.
The report also highlighted that self-employment continued to be the primary source of livelihood, accounting for 85.6% of total employment, up from 84% in the previous quarter.
Informal employment saw a slight increase, reaching 93.0%, underscoring the economy’s heavy reliance on informal jobs.
Unemployment in urban areas decreased from 6.0% in Q1 to 5.2% in Q2 2024, while rural areas recorded a significantly lower unemployment rate of 2.8%, down from 4.3% in the previous quarter.
This disparity highlights the continued dominance of agriculture and informal employment in rural areas, while urban regions see a greater prevalence of formal and service-sector jobs.
In terms of youth employment, the youth unemployment rate (ages 15-24) dropped to 6.5% in Q2, down from 8.4% in Q1 2024, indicating a positive shift for young workers.
However, gender disparities persist, with female unemployment at 5.1%, compared to a lower male unemployment rate of 3.4%.
Proofreading by Uchechi Ojo, Sub-editor at NeptunePrime.
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