Nigeria’s unemployment rate decreases from 5.5% to 4.3% in Q2 2024, says NBS

Nigeria’s unemployment rate has significantly dropped to 4.3% in the second quarter (Q2) of 2024, the National Bureau of Statistics (NBS) has said.

According to a report released on Monday, the NBS noted that the unemployment rate dropped from 5.3% recorded in the first quarter (Q1) of 2024, reflecting an improvement in the labour market.

The bureau defines the unemployment rate as the proportion of the labour force—comprising individuals who are either employed or actively seeking employment—that is unemployed but actively searching and available for work.

Source: Vanguard newspaper