In the second quarter of 2024, Nigeria’s unemployment rate decreased to 4.3%, indicating better labor market circumstances.
This was a slow rebound from the 5.0% in Q3 2023 and a decline from the 5.3% in Q1 2024, according to the National Bureau of Statistics’ most recent report, which was made public on Monday.
Improved worker engagement was demonstrated by the Labour Force Participation Rate, which improved to 79.5% from 77.3% in the prior quarter.
Additionally, the Employment-to-Population Ratio improved significantly, rising from 73.2% in Q1 2024 to 76.1% in Q2 2024.
This suggests that during that time, a larger percentage of people of working age had gainful employment.
Additionally, self-employment continued to dominate, making for 85.6% of all employment, up from 84% in the previous quarter.
The economy’s reliance on informal jobs is highlighted by the minor increase in informal employment to 93.0%.
The report read,
TimesNow.com.ng reported that the National Bureau of Statistics (NBS) said that Nigeriaâs unemployment rate rose to 5.3% in the first quarter of 2024, reflecting an increase from 5.0 recorded in the third quarter of 2023.
According to the NBS report, Abia, the Federal Capital Territory (FCT), and Rivers states recorded the highest unemployment rates in Nigeria in 2023.
The report also stated that Abia State leads the chart with an unemployment rate of 18.7%, followed by the FCT with 14.1%, and Rivers with 13.4%.
Source: TimesNow.com.ng
