Nigerias Unemployment rate falls to 4.3% in Q2 2024 [Video]

Nigeria’s unemployment rate declined to 4.3% in the second quarter of 2024
Compared to the 5.0% in Q3 2023 and the 5.3% in Q1 2024, this was a gradual recovery
The unemployment rate by residential location was 2.8% in rural areas and 5.2% in urban areas

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

In the second quarter of 2024, Nigeria’s unemployment rate decreased to 4.3%, indicating better labor market circumstances.

The Employment-to-Population Ratio improved significantly. Photo Credit: FluxFactorySource: Getty Images

This was a slow rebound from the 5.0% in Q3 2023 and a decline from the 5.3% in Q1 2024, according to the National Bureau of Statistics‘ most recent report, which was made public on Monday.

Improved worker engagement was demonstrated by the Labour Force Participation Rate, which improved to 79.5% from 77.3% in the prior quarter.

Additionally, the Employment-to-Population Ratio improved significantly, rising from 73.2% in Q1 2024 …