In the second quarter of 2024 (Q2 2024), Nigeria’s unemployment rate dropped to 4.3%, down from 5.3% in the first quarter (Q1 2024), according to the National Bureau of Statistics (NBS).
This was revealed by Prince Adeyemi Adeniran, the Statistician General of the Federation, in a press release on the Q2 2024 Nigerian Labour Force Survey (NLFS).
Adeniran stated, “The unemployment rate during this period was 4.3%, reflecting a decrease from the 5.3% recorded in Q1 2024.”
He also shared insights into various demographics, noting that the unemployment rate for individuals with upper-secondary education was 8.5% in Q2 2024.
The youth unemployment rate, specifically for those aged 15-24 and 25-34 years, was 6.5% each, the highest among all age groups.
In terms of geographic disparities, urban unemployment stood at 5.2% in Q2 2024, compared to 6% in Q1 2024, while rural unemployment decreased to 2.8% from 4.3% in the previous quarter.
The share of those in wage employment was 14.4%, a slight drop from 16% in Q1 2024, while informal employment remained dominant, with 93% of employed persons working in the informal sector, including agriculture.
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This was a marginal increase from the 92.7% recorded in Q1 2024. Informal employment in rural areas was particularly high, at 97.5%, compared to 90% in urban areas.
Additionally, the time-related underemployment rate, which measures those working less than 40 hours per week but available for more, decreased to 9.2% from 10.6% in Q1 2024.
The survey also highlighted the proportion of youth aged 15-24 years who were not in employment, education, or training (NEET).
This figure was 12.5% in Q2 2024, a drop from 14.4% in Q1 2024.
Adeniran further noted that the labour force participation rate stood at 79.5% in Q2 2024, up from 77.3% in the previous quarter.
Participation rates were higher for men at 79.9%, compared to 79.1% for women. Rural areas recorded a higher participation rate (83.2%) compared to urban areas (77.2%), indicating widespread engagement in economic activities across the country.
The NBS has consistently used enhanced methodologies since Q4 2022 to gather more accurate labour force statistics. This includes the use of GPS-enabled electronic data collection from sampled households across Nigeria, improving the quality of responses, field monitoring, and the production of more relevant indicators for policymaking.
Adeniran emphasised that this refined approach allows the government to better design and monitor labour market policies, contributing to a more effective response to Nigeria’s economic challenges.
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