BREAKING: Jubilation as Nigeria’s unemployment rate drops to 4.3% in 2024.

The National Bureau of Statistics (NBS) has reported that Nigeria’s unemployment rate dropped to 4.3% in the second quarter (Q2) of 2024, down from 5.3% in the first quarter (Q1).

According to the NBS, the unemployment rate reflects the percentage of the labour force—comprising both employed and unemployed individuals—who are jobless but actively seeking work and available to take up employment.

According to the report released on Monday, November 25, “The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year.

The unemployment rate among males was 3.4% and 5.1% among females. By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”