Nigeria’s unemployment rate dropped to 4.3 per cent in the second quarter of 2024, according to the National Bureau of Statistics (NBS). This development was contained in the Bureau’s Nigeria Labour Force Survey (NLFS) report for Q2 2024 which was released on Monday.
The report read in part, “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 unemployment rate among males was 3.4 per cent and 5.1 per cent among females.
“By place of residence, the unemployment rate was 5.2 per cent in urban areas and 2.8 per cent in rural areas. Youth unemployment rate was 6.5 per cent in Q2 2024, showing a decrease from 8.4 per cent in Q1 2024.”
According to the report, the unemployment rate in the first quarter of 2024 was 5.3%.
The report further stated that the unemployment rate is defined as the share of the labor force not employed but actively searching for and available to work.
More details later.
