Nigeria’s unemployment rate slowed to 4.3 percent in the second quarter (Q2) of 2024 from 5.3 percent in the first quarter (Q1), the National Bureau of Statistics (NBS) revealed in its latest report.
The Nigeria Labour Force Survey Q2 2024, published on Monday, revealed that the unemployment rate stood at 5.2 percent in urban areas and 2.8 percent in rural regions.
“The labour force participation rate among the working-age population increased to 79.5 percent in Q2 2024 from 77.3 percent in Q1 2024,” the report said, noting that the labour force participation rate in Nigeria rose to 79.5 percent in Q2 2024.
“The participation rates between males and females are nearly the same, with males at 79.9.5 percent and females at 79.1 percent. This minimal difference suggests a balanced level of engagement across genders, indicating that gender is not a significant factor in labour participation,” the report said.
It stated that the employment-to-population ratio was 76.1 percent in Q2 2024, which is an increase of 2.9 percentage points compared to 73.2 in Q1 2024. However, on a year on year comparison, it shows a slight decrease from Q2 2023 at 77.1 percent.
“A more significant gap exists between those with and without disabilities. While 80.0 percent of individuals without disabilities participate in labour related activities, only 36.7 percent of those with disabilities do, highlighting the need for greater inclusivity and targeted support to improve engagement among PWDs.”
It stated that statistics on informality are key to assessing the quality of employment in an economy.
“The rate of informal employment in Nigeria remains high in Q2 2024 compared to previous quarters., increasing marginally from 92.7 percent in Q1 2024 to 93.0 percent during the reference period,” the report said.
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