Unemployment rate falls to 4.3% in Q2 - NBS

NIGERIA —The National Bureau of Statistics, NBS, on Tuesday revealed that the rate of unemployment fell by 1.0 percentage points quarter-on-quarter (QoQ) to 4.3 percent in the second quarter of 2024 from 5.3 percent in Q1’24.

This was contained in NBS, Nigeria Labor Force Survey report for Q2’24.

NBS also noted that the employment-to-population ratio increased by 2.9 percentage points QoQ  to 76.1 percent in Q2’24 from 73.2 percent.

According to the survey report, “The unemployment rate for Q2 2024 was 4.3 percent, showing an increase of 0.1 percentage point compared to the same period last year.

“The unemployment rate among males was 3.4 percent and 5.1 percent among females.

“Youth unemployment rate was 6.5 percent in Q2’24, showing a decrease from 8.4 percent in Q1’24.

“Unemployment based on educational attainment shows that the unemployment rate among persons 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 2024.

“In Q2’24, 76.1 percent of Nigeria’s working-age population was employed, up from 73.1 percent in Q1’24.”

On underemployment rate, NBS said: “In Q2’24, the share of underemployed Nigerians was 9.2 percent, a decline of 1.4 percentage points from the 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 percent, down from 14.4 percent in Q1’24.

“The results also showed more female in NEET, with 14.3 percent compared to 10.9 percent for male”

Unemployment remains a major problem currently being faced in the 21st century and Nigeria is not an exemption. Unemployment is a situation whereby people who are physically fit, capable, qualified and ready to work at any time are without jobs.

The issue of unemployment is one of the macro economic problems of a nation. Currently, in developing countries, the problem of unemployment has been increasing as a result of different economic problems facing most countries. The issue of unemployment in Nigeria is highly different compared to other nations. This is due to high level of corruption, mismanagement of public funds, among others over the years.

The issue of unemployment brought about some social and economic consequences such as; increase in crime rate, loss of respect and identity, reduction in purchasing power, psychological injuries, corruption among others.

The new report no doubt serves as a beacon of hope for most Nigerians.