The National Bureau of Statistics, NBS says the Nigeria’s unemployment rate during the period of second quarter of 2024 was 4.3 per cent, which shows a decrease compared to the rate recorded in Q1 2024 (5.3 per cent).

In a survey report made available on Monday the bureau explained that the unemployment rate among persons with upper-secondary education was 8.5 per cent in Q2 2024, while the unemployment rate among youths aged (15-24 and 25-34 years) in Q2 2024 was 6.5 per cent each and the highest.

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It noted that urban unemployment was 5.2 per cent in Q2 2024, compared with 6 per cent in Q1 2024, while unemployment in the rural areas was 2.8 per cent, down from the 4.3 per cent recorded in Q1 2024.

It further disclosed that the share of those in wage employment was 14.4 per cent in Q2 2024, a marginal decrease from the 16 per cent recorded in Q1 2024.
According to the report, 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 per cent, a slight increase from the rate reported in Q1 2024, 92.7 per cent.

“The rate of informal employment among people living in rural areas was 97.5 per cent while the urban informal employment was estimated at 90 per cent.
“Time-related underemployment rate which is the share of employed people working less than 40 hours per week and declaring themselves willing and available to do more hours of work in Q2 2024 was 9.2 per cent.
This indicates a decline compared to the rate recorded in Q1 2024, which was 10.6 per cent.”
Meanwhile the survey report indicates that Nigeria’s labour force participation rate stood at 79.5 per cent in Q2 2024, higher than the participation rate recorded in Q1 2024 (77.3 per cent).

The participation rate of men in the labour force under the reviewed period stood at 79.9 per cent, while for women records stood at 79.1 per cent.

“The participation rate was higher in the rural areas with 83.2 per cent, while the urban areas recorded 77.2 per cent, indicating that most people were engaged in some form of work either for pay or profit, during the reference period.

The survey also collected information on the proportion of Youths aged (15-24 years) who are not in employment, education, or training (NEET).
The NEET rate for the reference quarter was estimated to be 12.5 per cent, a decrease from 14.4 per cent recorded in Q1 of 2024.