Employment Rate Increased By 93% In Q2 2024 – NBS

The National Bureau of Statistics has disclosed that Nigeria’s informal employment increased by 93 percent in the second quarter of 2024 (Q2).

NBS stated this in its Nigeria Labour Force Survey (NLFS) report on Monday. It noted that informal employment increased from 92.7 percent recorded in Q1 of 2024 to 93 percent in Q2 of 2024.

The Nigeria Labour Force Survey (NLFS) is a statistical survey designed to collect comprehensive data on employment, unemployment, and other characteristics of the population labour force. It provides quarterly estimates of the main labour force statistics with sufficient precision at the national level.

A breakdown of the report showed an increase of 2.9 percentage points compared to 73.2 in Q1 of 2024.

The combined unemployment rate and time-related underemployment as a share of the labour force population (LU2) decreased to 13% in Q2 2024 from 15.3% in Q1 2023.

It explained that informal employment remains high at 93%; while the unemployment rate in Q2 was 4.3%.

It further read: “The unemployment rate among persons with secondary education was 7.6% in Q2 2024. The unemployment rate among youth aged (15-24 years) was 6.5% in Q2 2024. The unemployment rate in urban areas was 5.2% in Q2 2024, this is significantly higher compared to 2.8% in rural areas.

“Time-related underemployment in Q2 2024 came down to 9.2% from 10.6% recorded in Q1 2024. 3.7% of the working-age population was in subsistence agriculture in Q2 2024.

“The Percentage of Youth Not in Education, Employment or Training (NEET Rate) was 12.5%. Similar to previous quarters, the share of female was higher than male.”