Nigeria’s unemployment rate decreased to 4.3% in Q2 2024 – NBS

The National Bureau of Statistics (NBS) has announced that Nigeria’s unemployment rate decreased to 4.3% in the second quarter (Q2) of 2024, marking a decline from 5.3% in the previous quarter (Q1 2024).

According to the NBS report released on Monday, November 25, the unemployment rate reflects the percentage of the labor force actively searching for work but unable to find employment. While the rate dropped compared to Q1, it showed a slight increase of 0.1 percentage point from 4.2% in the same period last year.

The report also highlighted a gender disparity in unemployment, with the rate for males at 3.4% and for females at 5.1%. Geographically, urban areas saw a higher unemployment rate of 5.2%, while rural areas had a significantly lower rate of 2.8%. The youth unemployment rate also decreased to 6.5% in Q2, compared to 8.4% in Q1.

In terms of educational attainment, the unemployment rate among individuals with post-secondary education stood at 4.8%, while those with upper secondary education faced a higher unemployment rate of 8.5%. Conversely, the rate was lower for those with primary education, at 2.8%.

The report revealed a positive trend in employment, with Nigeria’s employment-to-population ratio rising to 76.1% in Q2 2024, up from 73.1% in Q1. Disaggregated by gender, 77.2% of males and 75% of females were employed, while urban areas recorded a lower ratio of 73.2%, compared to rural areas at 80.8%.

The increase in employment was most noticeable in rural areas, where the employment-to-population ratio climbed from 78.9% in Q1 to 80.8% in Q2, contrasting with urban areas which saw a slight improvement from 69.5% to 73.2%.

The labour market in Nigeria also witnessed a shift towards self-employment. The proportion of self-employed individuals rose to 85.6% in Q2 2024, a significant increase from 84% in Q1 2024. The self-employment rate was notably higher among females, at 88.3%, compared to 82.2% for males. In rural areas, self-employment reached 94.3%, significantly outpacing urban areas at 79.7%.