NIGERIA’S UNEMPLOYMENT rate declined to 4.3% in Q2 2024, down from 5.3% in Q1, according to the National Bureau of Statistics (NBS).
The report highlights improvements in workforce participation and employment metrics, but significant challenges remain.
Labour force participation rose to 79.5%, an increase from 77.3% in the previous quarter, while the employment-to-population ratio climbed to 76.1% from 73.2%.
Despite these gains, self-employment continues to dominate, accounting for 85.6% of all jobs.
Informal employment, covering 93% of the workforce, remains a critical factor.
Urban areas saw unemployment fall to 5.2%, with rural regions dropping to 2.8%, largely driven by agricultural and informal sector jobs.
Youth unemployment improved significantly, reducing from 8.4% to 6.5%. However, gender disparities persist, with 5.1% unemployment among females compared to 3.4% for males.
Time-related underemployment also declined to 9.2%, reflecting broader improvements in labour utilisation.
Despite these gains, addressing gender inequality and formalising the informal sector remain key challenges.
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