The Nigerian Labour Congress has called the National Bureau of Statistics report on the country’s declining jobless rate, which contradicts reality, “fiction.”
The Organised Private Sector supported the NLC’s stance, claiming that the study did not accurately represent economic conditions.
According to the NBS’s most recent report, Nigeria’s unemployment rate decreased to 4.3% in the second quarter of 2024, indicating better labour market conditions.
The study represents a slow recovery from the 5.0% in Q3 2023 and a decline from the 5.3% reported in Q1 2024.
Increased worker engagement was demonstrated by the Labour Force Participation Rate, which increased to 79.5% from 77.3% in the prior quarter.
Additionally, the Employment-to-Population Ratio improved significantly, rising from 73.2% in Q1 2024 to 76.1% in Q2 2024.
This suggests that a larger share of the working-age population was gainfully employed.
