{"id":6241,"date":"2024-11-27T11:31:44","date_gmt":"2024-11-27T11:31:44","guid":{"rendered":"https:\/\/www.psmgt.org.uk\/us\/?p=6241"},"modified":"2024-11-27T11:31:44","modified_gmt":"2024-11-27T11:31:44","slug":"nbs-reports-nigerias-unemployment-rate-falls-to-4-3-in-q2-2024","status":"publish","type":"post","link":"https:\/\/www.psmgt.org.uk\/us\/nbs-reports-nigerias-unemployment-rate-falls-to-4-3-in-q2-2024\/","title":{"rendered":"NBS Reports Nigeria&#8217;s Unemployment Rate Falls to 4.3% in Q2 2024"},"content":{"rendered":"<div class=\"flex max-w-full flex-col flex-grow\">\n<div class=\"min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words [.text-message+&amp;]:mt-5\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"8c0b7a9b-5ddb-4ae4-a7da-bf3971a8a178\" data-message-model-slug=\"gpt-4o-mini\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>The National Bureau of Statistics (NBS) has announced that Nigeria&#8217;s unemployment rate dropped to 4.3% in the second quarter (Q2) of 2024, down from 5.3% in the first quarter (Q1) of the same year. This figure reflects the percentage of the labor force actively looking for work.<\/p>\n<p>The report revealed that unemployment rates differed by gender, with males experiencing a rate of 3.4%, while females faced a higher rate of 5.1%. The unemployment rate was higher in urban areas at 5.2%, compared to 2.8% in rural areas. Additionally, youth unemployment decreased from 8.4% in Q1 to 6.5% in Q2 2024.<\/p>\n<p>The data also provided insights based on education levels. The unemployment rate was 4.8% for those with post-secondary education, 8.5% for individuals with upper secondary education, 5.8% for those with lower secondary education, and 2.8% for those with only primary education.<\/p>\n<p>In terms of employment-to-population ratio, which represents the proportion of employed individuals in the working-age population, there was an increase to 76.1% in Q2 2024, up from 73.1% in Q1. The ratio was higher for males (77.2%) compared to females (75%), and urban areas recorded a ratio of 73.2%, while rural areas had a higher rate of 80.8%.<\/p>\n<p>One of the most notable trends in the labor market was a rise in self-employment. In Q2 2024, 85.6% of Nigeria\u2019s working population was engaged in self-employment. The rate was particularly high among females, with 88.3% of women in self-employment compared to 82.2% of men. In terms of geography, rural areas had a much higher self-employment rate (94.3%) compared to urban areas (79.7%).<\/p>\n<p>These findings suggest a significant shift in Nigeria\u2019s labor market, with more people, particularly in rural areas, moving toward self-employment and independent work opportunities.<\/p>\n<p>Source:<a href=\"https:\/\/nationaleconomy.com\/nigerias-unemployment-rate-drops-to-4-3-in-q2-2024-reports-nbs\/\">Nationaleconomy<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mb-2 flex gap-3 empty:hidden -ml-2\">\n<div class=\"items-center justify-start rounded-xl p-1 flex\">\n<div class=\"flex items-center\"><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The National Bureau of Statistics (NBS) has announced that Nigeria&#8217;s unemployment rate dropped to 4.3% in the second quarter (Q2) of 2024, down from 5.3% in the first quarter (Q1) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4854,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[80],"tags":[],"class_list":["post-6241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economic"],"_links":{"self":[{"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/posts\/6241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/comments?post=6241"}],"version-history":[{"count":1,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/posts\/6241\/revisions"}],"predecessor-version":[{"id":6242,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/posts\/6241\/revisions\/6242"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/media\/4854"}],"wp:attachment":[{"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/media?parent=6241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/categories?post=6241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.psmgt.org.uk\/us\/wp-json\/wp\/v2\/tags?post=6241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}