NBS announces a remarkable drop in Nigeria’s unemployment rate to 4.3% for the second quarter of 2024.
The National Bureau of Statistics (NBS) has announced a considerable reduction in Nigeria’s unemployment rate, which fell to 4.3% in the second quarter (Q2) of 2024.
This represents a significant improvement from the 5.3% recorded in the first quarter (Q1) of the same year.
In its report published on Monday, the NBS emphasized that this decline indicates favorable developments within the labor market.
The bureau characterizes the unemployment rate as the proportion of the labor force—comprising individuals who are either employed or actively seeking employment—that remains unemployed while actively looking for work and available to take on a job.
