Nigeria’s unemployment rate has decreased to 4.3% in the second quarter (Q2) of 2024, down from 5.3% in the first quarter. The National Bureau of Statistics (NBS) revealed this in a report released on Monday, showing a positive trend in the country’s job market.
The NBS defines the unemployment rate as the percentage of the labor force—those actively searching for work—who are not employed. In Q2 2024, the unemployment rate was 4.3%, which represents a slight increase of 0.1 percentage point compared to the same period in 2023.
The report further breaks down the unemployment figures by gender and location. Among males, the unemployment rate was 3.4%, while for females, it was higher at 5.1%. Urban areas saw a higher unemployment rate at 5.2%, compared to rural areas, where the rate stood at 2.8%. Youth unemployment also showed improvement, dropping to 6.5% from 8.4% in Q1 2024.
Educational background also played a role in the employment figures. The unemployment rate was highest among those with upper secondary education, at 8.5%, while those with primary education had the lowest rate at 2.8%. People with post-secondary education had an unemployment rate of 4.8%, while those with lower secondary education faced a rate of 5.8%.
In terms of employment, the report also highlighted a rise in the employment-to-population ratio. This ratio, which compares the number of employed individuals to the total working-age population, increased to 76.1% in Q2 2024, up from 73.1% in Q1 2024. The ratio for males was 77.2%, while for females, it was 75%. Rural areas had a higher employment-to-population ratio (80.8%) compared to urban areas (73.2%).
Self-employment also increased, with 85.6% of the workforce engaged in self-employment in Q2 2024. The self-employment rate was particularly high among females at 88.3%, while for males, it was 82.2%. Rural areas saw an even higher proportion of self-employed workers, with 94.3% compared to 79.7% in urban areas.
Overall, the figures show a positive shift in Nigeria's labor market, with improvements in both unemployment and self-employment rates.
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