The National Bureau of Statistics (NBS) said Monday that the unemployment rate declined by 1.0 percentage point quarter on quarter (QoQ) to 4.3 percent in the second quarter of 2024, down from 5.3 percent in the first quarter.
According to the Nigeria Labour Force Survey report for Q2’24, the employment-to-population ratio increased by 2.9 percentage points QoQ to 76.1 percent from 73.2 percent.
“The unemployment rate in Q2 2024 was 4.3 percent, a 0.1 percentage point increase from the same period last year. “The jobless rate was 3.4 percent among men and 5.1 percent among women. “The youth unemployment rate was 6.5% in Q2’24, down from 8.4% in Q1’24.
In Q2 2024, the unemployment rate among those 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 Q2’24, 76.1 percent of Nigeria’s working-age population was employed, up from 73.1 percent in Q1’24.” On the underemployment rate, NBS stated: “In Q2’24, the share of underemployed Nigerians was 9.2 percent, a 1.4 percentage point decrease from 10.6 percent recorded in Q1’24.
“In Q2’24, the proportion of youth (15-24 years) identified as Not in Education, Employment, or Training (NEET) was 12.5%, down from 14.4% in Q1’24.” “The results also showed more female in NEET, with 14.3 percent compared to 10.9 percent for male” NEET stands for “Not in Education, Employment, or Training.” Individuals who are not enrolled in formal education, employed, or receiving vocational or skills training are typically between the ages of 15 and 24 (though this might vary).
