Unemployment Rate in Nigeria Drops to 4.3% in Q2 2024 – NBS Report



Abuja, Nigeria – November 26, 2024: The National Bureau of Statistics (NBS) has reported a significant reduction in Nigeria’s unemployment rate, which fell to 4.3% in the second quarter of 2024 (Q2 2024), down from 5.3% recorded in the first quarter (Q1 2024). The Statistician General of the Federation, Adeyemi Adeniran, announced the findings during the presentation of the Nigerian Labour Force Survey (NLFS) for Q2 2024.


Adeniran highlighted key trends from the report, showcasing improved employment indices across the country.


“The unemployment rate during the period was 4.3 per cent, which shows a decrease compared to the rate recorded in Q1 2024 (5.3 per cent),” Adeniran stated.

 

Unemployment by Demographics


The report revealed that youth unemployment remains a concern. Among young people aged 15-24 and 25-34 years, the unemployment rate was 6.5% for each group, the highest among all demographics. Educational attainment also played a role, with unemployment among those with upper-secondary education standing at 8.5%.


Urban and rural areas experienced improvements in employment rates. Urban unemployment declined from 6% in Q1 2024 to 5.2% in Q2 2024, while rural unemployment dropped significantly from 4.3% to 2.8%.


Informal and Wage Employment


Informal employment dominated the workforce in Q2 2024, with 93.0% of employed persons working in the informal sector, slightly up from 92.7% in Q1 2024. Rural areas accounted for the majority, with 97.5% of their workforce in informal employment, compared to 90% in urban areas.


The share of wage-employed individuals decreased marginally from 16% in Q1 2024 to 14.4% in Q2 2024, underscoring the dominance of informal and self-employment.


Underemployment and NEET Rates


Underemployment rates also showed a positive decline. The share of workers engaged in less than 40 hours per week and willing to work more dropped from 10.6% in Q1 2024 to 9.2% in Q2 2024.


The report addressed the percentage of youths aged 15-24 not in employment, education, or training (NEET), which fell to 12.5% in Q2 2024, down from 14.4% in Q1 2024.


Labour Force Participation


Labour force participation rose to 79.5% in Q2 2024, compared to 77.3% in Q1 2024, indicating higher engagement in economic activities. The participation rate for men was slightly higher at 79.9%, while women recorded 79.1%. Rural areas saw a participation rate of 83.2%, surpassing urban areas, which stood at 77.2%.


Implications for Nigeria’s Economy


The decline in unemployment reflects modest economic progress, though challenges such as youth unemployment and reliance on informal employment persist. The NBS report emphasizes the need for targeted policies to support formal sector growth and improve job quality.


As Nigeria continues its post-pandemic recovery, the sustained focus on economic diversification and job creation will remain critical for achieving long-term employment stability.

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