Unemployment Rate in Nigeria Drops from 5.3% to 4.3% in Q2 2024 — Report From NBS
The National Bureau of Statistics (NBS) has announced a decline in Nigeria’s unemployment rate, which fell to 4.3% in the second quarter of 2024 (Q2 2024) from 5.3% recorded in the first quarter (Q1 2024). This was revealed by the Statistician General of the Federation, Adeyemi Adeniran, during a presentation of the Nigerian Labour Force Survey (NLFS) for Q2 2024.
In a statement, Adeniran highlighted that the unemployment rate during this period showed a notable improvement compared to the previous quarter. He added that individuals with upper-secondary education experienced an unemployment rate of 8.5%, while the highest unemployment rates were recorded among youths aged 15-24 and 25-34, both at 6.5%.
Urban unemployment dropped from 6% in Q1 2024 to 5.2% in Q2 2024, while rural unemployment decreased significantly from 4.3% to 2.8% during the same period.
Adeniran also noted a slight decline in wage employment, which accounted for 14.4% of the employed population in Q2 2024, down from 16% in Q1 2024. Conversely, informal employment, which includes agricultural and non-agricultural informal sectors, increased marginally to 93% in Q2 2024, up from 92.7% in the previous quarter. Informal employment was particularly high in rural areas, reaching 97.5%, compared to 90% in urban areas.
The underemployment rate, defined as the share of employed individuals working less than 40 hours per week and willing to take on additional work, declined to 9.2% in Q2 2024 from 10.6% in Q1 2024.
The report also revealed improvements in the rate of youths aged 15-24 who are not in employment, education, or training (NEET), which dropped to 12.5% in Q2 2024 from 14.4% in Q1 2024.
Adeniran further disclosed that the labour force participation rate stood at 79.9% for men and 79.1% for women in Q2 2024. Rural areas recorded a higher participation rate of 83.2% compared to 77.2% in urban areas, indicating that a significant majority of the population engaged in some form of work during the reference period.
This report reflects ongoing efforts to address unemployment and underemployment in Nigeria, with notable progress in key areas compared to the start of the year.
