JUST IN: Nigeria’s unemployment rate drops to 4.3% in Q2 2024

The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.

“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report reads.

“The unemployment rate among males was 3.4% and 5.1% among females.

“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”

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Based on educational attainment, the report said the unemployment rate among persons with post-secondary education was 4.8 percent; 8.5 percent among those with upper secondary education, 5.8 percent for those with lower secondary education, and 2.8 percent among those with primary education in Q2 2024.

The report shows that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 percent in Q2 2024.

“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report reads.

“Disaggregating by sex, the employment-to-population ratio was 77.2% for males and 75% for females in Q2 2024.

“Additionally, the employment-to-population ratio in urban areas was 73.2% and 80.8% in rural areas in Q2 2024.

“This is an increase in the ratio compared to the 69.5% and 78.9% in Q1 2023, respectively.”

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The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.

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