Nigeria’s unemployment rate slowed to 4.3% in the second quarter (Q2) of 2024, down from 5.3% in the first quarter (Q1), according to the National Bureau of Statistics (NBS).
The Nigeria Labour Force Survey Q2 2024 revealed that the unemployment rate stood at 5.2% in urban areas and 2.8% in rural regions.
Key Highlights
- Labour Force Participation Rate: The labour force participation rate among the working-age population increased to 79.5% in Q2 2024 from 77.3% in Q1 2024. The participation rates between males and females were nearly the same, with males at 79.9% and females at 79.1%.
- Employment-to-Population Ratio: The employment-to-population ratio was 76.1% in Q2 2024, an increase of 2.9 percentage points compared to 73.2% in Q1 2024.
- Underemployment Rate: The underemployment rate also declined to 9.2% in Q2 2024, compared to the rate recorded in Q1 2024, which was 10.6%.
- Informal Employment: The rate of informal employment, which is the share of employed persons working in the informal sector and informal employment (including agriculture) in Q2 2024 was 93.0%, a slight increase from the rate reported in Q1 2024, 92.7%.
- Youth Unemployment: The unemployment rate among youths aged 15-24 and 25-34 years in Q2 2024 was 6.5% each, which was the highest among all age groups.
- Urban vs Rural Unemployment: Urban unemployment was 5.2% in Q2 2024, compared with 6% in Q1 2024, while unemployment in rural areas was 2.8%, down from the 4.3% recorded in Q1 2024.
The report also highlighted the need for greater inclusivity and targeted support to improve engagement among people with disabilities, as only 36.7% of those with disabilities participate in labour-related activities compared to 80.0% of individuals without disabilities.
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