According to data released Wednesday by the National Bureau of Statistics (NBS), the unemployment rate decreased by 1.0 percentage points from the first quarter of 2024 to the second quarter of 2024, from 5.3 percent to 4.3 percent.Unemployment rate high to 4.3%

NBS revealed this in its Q2’24 Nigeria Labour Force Survey report, which also showed that the employment-to-population ratio rose 2.9 percentage points from Q2’03 to Q2’24, from 73.2 percent to 76.1 percent.

“Compared to the same period last year, the unemployment rate increased by 0.1 percentage points to 4.3 percent in Q2 2024.

Male unemployment was 3.4 percent, while female unemployment was 5.1 percent.

The youth unemployment rate decreased from 8.4 percent in Q1 of 24 to 6.5 percent in Q2 of 24.

•As the ratio of employment to population increases by 76%

More News On Daily Pulse Report;Simon Ekpa’s Arrest does not end the sit-at-home

“Nigeria’s working-age population had a higher employment rate in Q2’24 (76.1%) compared to Q1’24 (73.1%).”

Regarding the underemployment rate, NBS stated: “The percentage of Nigerians who were underemployed was 9.2 percent in Q2’24, which is 1.4 percentage points lower than the 10.6 percent that was recorded in Q1’24.”

In Q2 of 2024, 12.5% of youth (15–24 years old) were classified as Not in Education, Employment, or Training (NEET), a decrease from 14.4% in Q1 of 2024.

“The results also showed a higher percentage of females in NEET (14.3 percent) compared to males (10.9 percent).”

“Not in Education, Employment, or Training” is what NEET stands for. It refers to people who are not enrolled in formal education, working, or receiving vocational or skills training. These people are usually between the ages of 15 and 24 (but the age range might vary).