NIGPOST: Unemployment Rate Drops to 4.3% in Q2 2024
According to the National Bureau of Statistics (NBS), Nigeria’s unemployment rate decreased to 4.3% in the second quarter of 2024, down from 5.3% in the first quarter.
This marks a positive trend as the country’s employment-to-population ratio rose to 76.1%, a 2.9% increase from the previous quarter.
While the unemployment rate has fallen overall, it still shows a slight increase of 0.1% compared to the same period last year.
Men experienced a lower unemployment rate of 3.4%, while women had a higher rate at 5.1%.
The youth unemployment rate also decreased, dropping to 6.5% from 8.4% in Q1 2024.
The report further highlighted that education level affects unemployment, with those having higher education facing a 4.8% unemployment rate, while those with lower levels of education had higher unemployment rates.
The underemployment rate also decreased to 9.2%, down by 1.4% from the previous quarter.
Additionally, the number of youth aged 15-24 who are not in education, employment, or training (NEET) dropped to 12.5%, a significant improvement from 14.4% in the first quarter.
More females (14.3%) were identified as NEET compared to males (10.9%).
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