Nigeria’s unemployment charge slowed to 4.3 % within the second quarter (Q2) of 2024 from 5.3 % within the first quarter (Q1), the Nationwide Bureau of Statistics (NBS) revealed in its newest report.

The Nigeria Labour Drive Survey Q2 2024, printed on Monday, revealed that the unemployment charge stood at 5.2 % in city areas and a pair of.8 % in rural areas.

“The labour pressure participation charge among the many working-age inhabitants elevated to 79.5 % in Q2 2024 from 77.3 % in Q1 2024,” the report mentioned, noting that the labour pressure participation charge in Nigeria rose to 79.5 % in Q2 2024.

“The participation charges between men and women are almost the identical, with males at 79.9.5 % and females at 79.1 %. This minimal distinction suggests a balanced stage of engagement throughout genders, indicating that gender shouldn’t be a major think about labour participation,” the report mentioned.

It said that the employment-to-population ratio was 76.1 % in Q2 2024, which is a rise of two.9 share factors in comparison with 73.2 in Q1 2024. Nevertheless, on a 12 months on 12 months comparability, it exhibits a slight lower from Q2 2023 at 77.1 %.

“A extra important hole exists between these with and with out disabilities. Whereas 80.0 % of people with out disabilities take part in labour associated actions, solely 36.7 % of these with disabilities do, highlighting the necessity for higher inclusivity and focused assist to enhance engagement amongst PWDs.”

It said that statistics on informality are key to assessing the standard of employment in an financial system.

“The speed of casual employment in Nigeria stays excessive in Q2 2024 in comparison with earlier quarters., rising marginally from 92.7 % in Q1 2024 to 93.0 % throughout the reference interval,” the report mentioned.