From Isaac Anumihe, Abuja I’ll
National Bureau of Statistics (NBS), today, said that the unemployment rate in Q2 2024 is 4.3 per cent, a decrease from Q1, 2024 rate (5.3 per cent).
But unemployment rate among persons with upper-secondary education was 8.5 per cent in Q2 2024.
It also said that the unemployment rate among youths aged (15-24 and 25-34 years) in Q2 2024 was 6.5 per cent each and the highest urban unemployment was 5.2 per cent in Q2 2024, compared with 6 per cent in Q1 2024, while unemployment in the rural areas was 2.8 per cent, down from the 4.3 per cent recorded in Q1 2024.
This was contained in a statement published today, in the bureau’s website.
NBS, in its latest review of Nigeria Labour Force Survey methodological processes for conducting Labour Force Statistics in line with international best practices and adaptation of the 19th International Conference of Labour Statisticians (ICLS), said the rate of informal employment in Q2 2024 was 93.0 per cent, a slight increase from the rate reported in Q1 2024, 92.7 per cent.
“The share of those in wage employment was 14.4 per cent in Q2 2024, a marginal decrease from the 16 per cent recorded in Q1 2024.
“The rate of informal employment, which is the share of employed persons working in the informal sector and informal employment (including agriculture) in Q2 2024 was 93.0 per cent, a slight increase from the rate reported in Q1 2024, 92.7 per cent.
“The rate of informal employment among people living in rural areas was 97.5 per cent while the urban informal employment was estimated at 90 per cent.
“Time-related underemployment rate which is the share of employed people working less than 40 hours per week and declaring themselves willing and available to do more hours of work in Q2 2024 was 9.2 per cent. This indicates a decline compared to the rate recorded in Q1 2024, which was 10.6 per cent.
The survey also collected information on the proportion of youths aged (15-24 years) who are not in employment, education, or training (NEET). The NEET rate for the reference quarter was estimated to be 12.5 per cent, a decrease from 14.4 per cent recorded in Q1 of 2024” he said.
Meanwhile, the enhanced methodology using GPS-enabled electronic collection from sampled households across the country allows for better quality responses, field monitoring and analysis of the data. It also allows the production of more policy-relevant indicators than what was produced under the old method using the questionnaire.
The labour force participation rate stood at 79.5 per cent in Q2 2024, higher than the participation rate recorded in Q1 2024 (77.3 per cent).
The participation rate of men in the labour force under the reviewed period stood at 79.9 per cent while for women records stood at 79.1 per cent.
The participation rate was higher in the rural areas with 83.2 per cent, while the urban areas recorded 77.2 per cent, indicating that most people were engaged in some form of work either for pay or profit, during the reference period
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).