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Nigeria’s Unemployment Rate Rises To 4.3%

by Mark Itsibor
8 months ago
in News
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Unemployment rate rose to 4.3% in Nigeria, showing an increase of 0.1 percentage point in second quarter of 2024 compared to the same period last year, latest data from the National Bureau of Statistics (NBS) has revealed.

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Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.

The NBS released the quarterly report on Monday, which also showed that 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.

The NBS data showed that in the second quarter of 2024, the share of underemployed Nigerians was 9.2%, a decline of 1.4 percentage points from the 10.6% recorded in Q1 2024.

The share of the underemployed men was 7.1%, while the underemployment rate among women was 11.2% for the quarter.

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On the flip side, in Q2 2024, the number of employed Nigeria was 76.1% of the total working-age population, up from 73.1% in Q1 2024. Disaggregating by sex, the employment-to-population ratio was 77.2% for males and 75% for females in Q2 2024. “Employment-to-population ratio was 76.1% in Q2 2024.”

According to NBS, the new figure shows an increase of 2.9 percentage points on employed persons compared to 73.2 in Q1 2024. However, year on year comparison shows a slight decrease from Q2 2023 at 77.1%

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,” the NBS said in the report that was posted on its website.

The labour force participation rate among the working-age population increased to 79.5% in Q2 2024 from 77.3% in Q1 2024.

Informal employment remains high at 93%. The bureau statistics said 3.7% of the working-age population was in subsistence agriculture in Q2 2024.


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Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

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