•As employment-to-population ratio rises 76 %
By Elizabeth Adegbesan
The National Bureau of Statistics, NBS, yesterday, said 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.
Disclosing this in its 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.
“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”
NEET stands for Not in Education, Employment, or Training. It refers to individuals, typically aged between 15 and 24 (although the age range can vary), who are not engaged in formal education, employed, or undergoing vocational or skills training.
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