NBS: Unemployment rate falls to 4.3% in Q2’24

According to the National Bureau of Statistics (NBS), Nigeria’s unemployment rate has decreased by 1.0 percentage point from 5.3% in Q1 2024 to 4.3% in Q2 2024.

As reported by the Diaspora Digital Media (DDM), NBS, during the Nigeria Labor Force Survey report for Q2 ’24, noted a significant increase in the employment-to-population ratio, rising by 2.9 percentage points to 76.1% from 73.2% in the previous quarter.

“Nigeria’s unemployment rate stood at 4.3% in Q2 2024, representing a marginal increase of 0.1 percentage point compared to the same quarter in 2023.”

“Unemployment rate among males stood at 3.4%, while females experienced a higher rate of 5.1%.”

“Nigeria’s youth unemployment rate dropped to 6.5% in Q2’24, down from 8.4% in the previous quarter.”

According to the latest labor market report, the unemployment rate in Q2 2024 varied significantly based on educational attainment, with post-secondary education holders experiencing a rate of 4.8%, while those with upper secondary education faced a higher rate of 8.5%.

“More Nigerians were employed in Q2’24, with 76.1% of the working-age population having jobs, up from 73.1% in Q1’24.

“Underemployment rate in Nigeria decreased to 9.2% in Q2’24, representing a 1.4 percentage point decline from Q1’24,” NBS analyzed.

“Nigeria saw a decrease in the number of youth who were not in education, employment, or training in Q2 ’24, with the NEET rate falling to 12.5%.”

Know about NBS

The National Bureau of Statistics (NBS) is the principal agency responsible for collecting, analyzing, and disseminating statistical data in Nigeria.

History of NBS

The NBS was established in 1926 as the Federal Office of Statistics. Over the years, it has undergone several transformations, including its renaming to the National Bureau of Statistics in 1989.

Mission Statement of NBS

The NBS is committed to generating accurate and timely statistical data to support evidence-based decision-making for sustainable development.

Vision Statement of NBS

To become a world-class statistical agency, providing high-quality statistical data and services to support Nigeria’s socio-economic development.

Organizational Structure of NBS

The NBS is headed by a Statistician-General who is responsible for the overall management of the bureau.

The agency has several departments and divisions, including National Accounts Department, Price Statistics Department, Labor Statistics Department, Social Statistics Department, and Data Management Department.

Key functions

The NBS performs the following functions:

Conducts censuses and surveys to collect statistical data on population, housing, agriculture, industry, and other sectors.

Compiles and analyzes statistical data on inflation, GDP, employment, and other macroeconomic indicators.

Publishes statistical reports and bulletins on various aspects of the Nigerian economy and society.

Provides technical assistance and training to state and local governments, as well as other stakeholders, on statistical data collection and analysis.

Key Publications

The agency publications include Nigerian Gross Domestic Product (GDP) Report, Consumer Price Index (CPI) Report, Labor Force Statistics Report, National Survey on Drug Use and Health Report, and Nigerian Demographic and Health Survey Report.

Data Dissemination Platforms

NBS is present on Twitter, Facebook, Instagram, and also available on Google Play Store and Apple App Store.

Partnerships and Collaborations

The NBS collaborates with international organizations, such as the United Nations Statistics Division, the World Bank, and the International Monetary Fund, to improve statistical methodologies and data quality.

Challenges

The NBS faces several challenges, including limited funding, inadequate infrastructure, limited access to data sources, and quality control and assurance.

Future Plans

The NBS plans to improve data quality and timeliness, enhance statistical methodologies and frameworks, increase access to data and statistical products, strengthen partnerships and collaborations with stakeholders.

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